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Econ Vocab Review Flashcards | StudBud
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Econ Vocab Review
Econ Vocab Review
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1
If a country has a high literacy rate and a high life expectancy rate then it has a....
low GDP
average GDP
high GDP
moderate GDP
2
Why is it important to have a system where we can convert currency or money?
improve fair trade
become more independent
increase barter system
increase our wealth
3
Which of the following is
not
part of a market economy?
people own business
free enterprise
people make decisions
government makes all decisions
4
What type of economy does the government answer the 4 factors of production?
mixed
command
traditional
market
5
Which country has the most economic freedom for its consumers?
Saudi Arabia
Iraq
Nigeria
South Africa
6
Which of the following is an example of human capital?
the number of books in our media center
the laptops we use in class
the amount of space we have in our school
the skills and knowledge of the teacher
7
What is the term given to the machinery used in a factory to make a finished product?
capital goods
entreprenuer
human capital
land
8
Which of the following would indicate the country has less economic freedom?
high tax burden
support for entrepreneur
government integrity
owning your own property
9
What type of economy is found mostly throughout the world and why?
mixed because there is no pure economy
traditional because it's the oldest
command because it acts faster
market because it's the best
10
What economic sanction was issued against South Africa for using apartheid?
boycott
tariff
quota
embargo
11
What does a country's GDP measure?
value of goods and services for a country within 1 year
the difference between exports and imports
the profit a family makes from a business
the country's literacy rate
