What are capital goods?

factories and machines used to make a product

What would be a problem for a command economy?

A person must get permission to start a new business.

Which is a part of a country's human capital?

skills and knowledge workers have

What is one main difference between a president and a prime minister?

President is seperate from legislature, while PM is not.

Who chooses the country's leader in a parlimentary form of government?

the party with the most representatives in the legislative

a halt on trade with another country

Why are most modern economies referred to as a mixed economy?

They have aspects of all 3 economies.

Why is specializations so valuable in trade today?

Allows countries to do more efficient jobs & increase trade

a tax on good coming into a country

Why do individual voters have more power in a democracy than they do in an autocracy?

The people play a role in deciding who rules.

How does voluntary trade help the economy?

It encourages specialization and increase in profit.

Which would be a problem for a community with a traditional economy?

People begin to want and need more products.

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Government & Economy Review -7th grade

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7th grade government and economy #7thgradesocialstudies

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Questions 30

Answers

1
What are capital goods?
money spent in training
skills and knowledge of workers
factories and machines used to make a product
money available for scholarship
2
In a command economy, who makes the economic decisions?
a combinations of all three
the market
government planners
Customers
3
What would be a problem for a command economy?
A person must get permission to start a new business.
People take risk with their own money.
Local crafts would be produced.
Rich people
4
In a confederation government system, who holds most of the power?
local governments
central and local governments
the individual voters
central government
5
Which is a part of a country's human capital?
the technology
paid employees
skills and knowledge workers have
tax collected from another country
6
What is one main difference between a president and a prime minister?
President is seperate from legislature, while PM is not.
A prime minister does not belong to a particular party.
A president is elected while a prime minister does not.
A prime minister has more power than a president.
7
Which describes the decision- makers in a democracy?
a group of leaders
a king
voting citizens
judges
8
In a market economy, how are economic decisions made?
the king
consumers and market
government leaders
custom and habits
9
In an autocracy, who makes most of the important decisions?
the courts
the people
elected legislature
the individual ruler
10
What is a quota?
a fee paid to ship items
to stop trade with another country
a limit on the amount of goods
a tax placed on goods
11
In a traditional economy, how are economic decisions made?
leaders and producers
custom and habit
consumers and planners
government leaders
12
Which best describes the two predominant forms of democratic government?
parlimentary and presidential
presidential and prime minister
presidential and confederate
dictatorship and republican
13
Which best describes income?
money borrowed from the credit union
money you earn working
taxes paid
credit offered on a salary
14
Who chooses the country's leader in a parlimentary form of government?
the monarch
decisions by the national courts
the party with the most representatives in the legislative
popular vote of the people
15
Which organization could be considered an example of a confederation?
Indian Congress
The Diet
OPEC
the assembly of the Republic of China
16
What is an embargo?
A tax on imported goods.
a halt on trade with another country
a tax to make goods more expensive
a limit on imported goods
17
Why are most modern economies referred to as a mixed economy?
Traditional economies have no place on the world market.
Government do not want to handle all problems.
Poverty is always high.
They have aspects of all 3 economies.
18
What branch of government is responsible for making and carrying out the laws?
legislature
courts
president
monarch
19
Which branch of government passes laws in a presidential system of government?
legislative
executive
presidential
judicial
20
In an unitary govnernment system, who holds most of the power?
both local and central
the local government
the central government
the individual voters
21
What is the leader of a parlimentary system often called?
prime minister
president
governor
king
22
Why is specializations so valuable in trade today?
Keeps prices low on imports.
Limits the amount of goods.
Most countries only make on product well.
Allows countries to do more efficient jobs & increase trade
23
What is a tariff?
a tax placed on good going to another country
a tax on goods sold
a tax on good coming into a country
a tax on goods made locally
24
In a federal system of government, who holds most of the power?
the central government
the president
power is shared
the local governments
25
Who takes on the financial risk in starting a new business in a market economy?
entreprenuers
the king
government leaders
consumers
26
What is the role of a president in regards laws passed by legislature?
Change laws her does not like.
Sends approval to the states.
Not in the law process.
Enforce laws
27
Why do individual voters have more power in a democracy than they do in an autocracy?
Kings are always cruel leaders.
The people play a role in deciding who rules.
All the power stays in the hands of the local governments.
Voters always choose qualified leaders.
28
How does voluntary trade help the economy?
Prices are always low.
It encourages specialization and increase in profit.
It involves government regulation.
It only works when tariffs are in place.
29
Which would be a problem for a community with a traditional economy?
People begin to want and need more products.
Old villagers teach young workers how to make products
price advancements
Find new way to produce more efficiently.
30
Which describes the decision- makers in a oligarchy?
voting citizens
a king
courts
a group of leaders

Government & Economy Review -7th grade Flashcards | StudBud