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6th Grade Geography Module 5 Flashcards | StudBud
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6th Grade Geography Module 5
6th Grade Geography Module 5
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Module 5 Economics
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
What is a country's gross domestic product?
the value of all goods and services produced within a country in one year
the measure of literacy and life expectancy in a particular country
a country's level of health care and education
a country's level of industrial development
2
Human time, effort, skills and talent needed to produce goods
financial capital
labor
natural resources
capital
3
Which country has a capitalist economy?
China
Sweden
Taiwan
4
Items such as tools, machines, factories and office equipment needed for a business to function
labor
capital
natural resources
financ ial capital
5
Money that a business uses to buy the items needed for the business to function
natural resources
capital
financial capital
labor
6
Why is a profit motive important in many economies?
Businesses could not advertise without it
People would not start businesses without it
People would not use coupons without it
Businesses could not set prices without it
7
Which organization works with nations to decrease embargoes, taxes and quotas?
World Bank
International Monetary Fund
World Trade Organization
8
In which industry will a farmer sell milk produced from dairy cows?
secondary
primary
tertiary
quarternary
9
Which statement best characterizes opportunity cost?
the value of a product that hyou give up in a tradeoff with another product
the amount of money left over after expenses have been paid
the amount of a good that businesses are able to produce
the number of people who are ready to buy a product at a certain price
10
In which industry will a grocer sell cheese in a market?
primary
tertiary
secondary
quarternary
11
In which industry will inspectors examine the quality of cheese?
primary
tertiary
quarternary
secondary
12
Which organization provides loans for large projects, like building schools, in developing countries?
World Trade Organization
International Monetary Fund
World Bank
13
Which organization offers emergency loans to countries with unstable economies?
International Monetary Fund
World Trade Organization
World Bank
14
A system of producing, selling and buying goods and services
economy
opportunity cost
scarcity
income
15
Which country did the United States have a trade embargo against starting in the early 1960s?
Japan
Cuba
Ecuador
Mexico
16
Why might a person who plans to buy a car in nine months choose to invest in a certificate of deposit (CD)?
Customers can withdraw their money from a CD at any time without a penalty
Customers can cash their CD at any time when they find a good car deal
CSs offer a better rate of return than stocks
CDs offer a better interest rate than savings accounts
17
Raw materials needed to produce goods
labor
natural resources
financial capital
capital
18
Why must governments ensure that corporate taxes are not too high?
Public services will suffer
Businesses will not make a profit
The government cannot invest in education
The government cannot invest in national defense
19
How can governments protect their national industries?
by encouraging free trade practices
by lowing quotas on imported goods
by placing embargoes on foreign countries
by creating trade barriers to decrease competition
20
Occurs when there are not enough resources to meet people's wants
scarcity
opportunity cost
economy
income
21
In which industry will cheese makers use milk from dairy cows to produce cheese?
primary
tertiary
secondary
quarternary
22
Which country has a socialist economy?
Sweden
China
Taiwan
23
How can customers feel certain that their money stored in U.S. banks is safe?
Money deposits are insured
It is very difficult to steal money from banks
Many banks have armed guards
Most banks have good security systems
24
How are natural resources, labor, capital and entrepreneurs related?
Their supply is limited
Their supply is unlimited
Their demand is limited
Their demand is unlimited
25
Which country has a communist economy?
China
Sweden
Taiwan
26
Which freedom does the free enterprise promote?
the freedom of religion
the freedom of the press
the freedom to own property
the freedom to bear arms
27
Which of the following has helped increase globalization?
trade embargoes
communism
warfare
airplanes
28
Which of the following is an intangible asset?
savings
land
offices
houses
29
Which of the following is an example of globalization?
a scientist reads an article written in English
shirts are made in Vietnam
a band in Seattle releases a song that becomes a hit in China
an American student buys a pencil made in the United States
30
Which of the following does the government provide with the taxes that are collected?
private universities
primary and secondary public schools
full employment of the nation's workforce
entertainment, like movies and concerts
