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Economics Review 2025 Flashcards | StudBud
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Economics Review 2025
Economics Review 2025
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Review of Economic Systems
Flashcards
18 cards
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Questions
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Answers
1
What was the result of the Punic Wars?
Rome won a lifetime supply of pasta
Rome won
Carthage won
Rome gained control of the Mediterranean Sea
2
If a drought severely reduced the amount of corn available to consumers, what would happen?
the demand for corn would go down
the supply of corn would go up
the cost of corn would go down
the cost of corn would go up
3
The wealth & power of Mali's ruler, Mansa Musa, were significant because they contributed to
spread of Islam
spread of COVID-19
spread of rumors
spread of Buddhism
4
The USA is now categorized as this economic system.
market
traditional
command
mixed
5
What products were available in Mesopotamia?
precious stones and metals
hardwood, silk and spices
exotic foods and animals
wheat, barley, fish, and fowl
6
This system is associated with the most government involvement.
market
traditional
mixed
command
7
In a market economy, which characteristic most likely is determined by supply and demand?
price
usefulness to society
quality
production cost
8
someone who acquires goods and services for his or her own personal use
producer
demander
consumer
supplier
9
The West African kingdoms of Mali, Ghana and Songhai experienced economic prosperity by
maintaining highly stratified social systems
controlling vast reserves of oil
trading with many nations
solving tribal problems within their empire
10
This system is associated with the least government involvement
mixed
market
traditional
command
11
North Korea has this system, characterized as having little or no market competition.
command
market
mixed
traditional
12
When one company controls an entire industry without any competition
Apples to Apples
Monopoly
Risk
Chess
13
If supply of a product is limited, but demand is high, how would the price be affected?
it would go up
it would stay the same
it would go down
it would fluctuate
14
Between 800 and 1600 AD, the West African city of Timbuktu became prosperous with the trade of
rifles and diamonds
spices and silk
salt and pepper
salt and gold
15
What effect did the Tigris and Euphrates Rivers have on trade?
They made transport of agricultural goods economical
They connected Mesopotamia and China
They made transportation difficult in Mesopotamia
They made the Fertile Crescent difficult to reach for trade
16
This system is associated with barter trade and earlier times (before money existed)
traditional
mixed
market
command
17
Why did trading networks like the Silk Road develop?
travelers enjoyed vacations after trading for goods
the trails were used for communication between groups
certain resources were not available in all areas
people wanted to take land and keep control of that land
18
This system is associated with some government-run and some privately-run businesses
mixed
market
command
traditional
