In market economies, prices are

determined by supply and demand

Why is a country better off if it does not have to import natural resources?

Buying resources from others cost more money

Which option reflects a country with a mixed economy?

combination of privately owned industry & gov't control

What is human capital?

investment in the workers of a business

Which is a way that entrepreneurs help increase a country's GDP?

creating business that give people jobs

Which best describes a market economy?

a person can start any business and charge any price?

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SS Economics Review

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6th Grade Economics Review according to Georgia Performance Standards

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Questions 25

Answers

1
Which is an example of investing in physical capital?
constructing a new factory
keeping old computers in order to save money
training workers to do their jobs better
keeping old delivery trucks
2
Trade barriers are used to
help people save money
encourage trade
create free trade zones
restrict trade
3
In Cuba, the government owns all the businesses and farms. Cuba is an example of a
Capitalist Country
Traditional Economy
Command Economy
Market Economy
4
Sarah sells shoes. The machines used to make the shoes are examples of..
Physical Capital
Natural Resources
Human Capital
Entrepreneurship
5
Amy is employed in a shoe store because she has a merchandising degree. Amy is an example of
physical capital
human capital
entreprenuership
natural resources
6
Which of the following would be found in a market economy?
Competition
government control of industry
Yearly pay raises
government control of agriculture
7
In market economies, prices are
 used to ensure social equity
determined by supply and demand
regulated by the government
usually unfair
8
A high literacy rate contributes to a
high standard of living
tariffs
low Gross Domestic Product
communism
9
Why is a country better off if it does not have to import natural resources?
Businesses cannot access resources nearby
People are greedy and won't sale resources
Other countries need the resources
Buying resources from others cost more money
10
Which option reflects a country with a mixed economy?
combination of privately owned industry & gov't control
distribution of resources is based on inheritance
gov't regulates prices and wages
prices and wages are determined by supply and demand
11
What is human capital?
a country's standard of living
the cash a business has to spend
buildings, equipment and property owned by a business
investment in the workers of a business
12
What is an example of investing in human capital?
education
cash
highways
factories
13
which is an example of a natural resource?
education
highways
forests
automobiles
14
An economic system in which the people (not gov't) own land, factories, & businesses?
Market
Communism
Command
Traditional
15
Sarah started a business selling shoes. Sarah is an example of which factor of production?
Physical Capital
Entrepreneur
Human Capital
Natural Resources
16
Which is a way that entrepreneurs help increase a country's GDP?
creating business that give people jobs
working to increase the amount of goods brought by a country
providing the ideas to start and expand businesses
writing laws to protect personal property?
17
Sarah sells shoes. The water she uses to clean up her shoe making factor is an example of
human capital
natural resource
entrepreneurship
capital resource
18
The economic system of communist countries is closely related to which of the following?
Supply and Demand
Traditional
Command
Market
19
the USA forbids trade with Cuba because of political issues. Which trade barrier is in place?
Embargo
Tariff
Quota
Feudalism
20
In a traditional economy, how do people exchange goods?
Use currency to pay
Barter/Trade with sellers
Pay for goods with credit cards
Pay for services by check
21
Which best describes a market economy?
the gov't provides food and housing to all workers
national businesses are owned by the government
the government provides phones and t.v's to all workers
a person can start any business and charge any price?
22
"Companies produce goods of their choice, consumers decide whether to buy the goods"
Market
Communism
Traditional
Command
23
In a command economy, how are the prices of goods and services determined?
independent agencies and regulators
business owners
market forces supply and demand
the central government
24
Which is an example of a trade barrier?
tariff
all of the above
embargo
quota
25
Land, labor, capital, and entrepreneurship are the
 results of employment
results of supply and demand
factors of production
trade barriers

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