What is the gross domestic product?

total value of goods & services produced in a country/ year

Which of the following BEST describes human capital?

value of a person's skills and education

In what ways can entrepreneurship contribute to economic growth

Entrepreneurs can add provide jobs

Why do countries need exchange rates?

They are able to trade with other countries

What is the relationship between the literacy rate of a country and its GDP?

The higher the literacy rate, the higher the GDP

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Economics Unit Review

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Sixth grade Social Studies Economics Review

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Questions 16

Answers

1
Who answers the questions of What? How? For Whom to Produce? in a traditional economy?
Government
Trade Barriers
Supply and Demand
Tradition, Customs, Culture
2
Which economy is a blending of two different types of systems?
Command
Mixed
Market
Traditional
3
Which of the following are capital goods?
Education and training
Natural Resources
Taxes
Equipment and machinery
4
What is the gross domestic product?
total value of all goods & services a country specializes in
total value of goods and services a country imports a year
total value of goods and services a country exports per year
total value of goods & services produced in a country/ year
5
Privately-owned production, supply and demand, competition, profit, producers and consumers
Market
Traditional
Unitary
Command
6
An economy where the government controls the market production is called a
Traditional
Market
Command
Mixed
7
Which of the following BEST describes human capital?
gifts of the earth
value of a person's skills and education
person who starts a business
a good that is used to produce other goods
8
In what ways can entrepreneurship contribute to economic growth
Entrepreneurs cannot add to GDP
Entrepreneurs can take jobs away
Entrepreneurs can add provide jobs
Entrepreneurs can create new currencies
9
Why do countries need exchange rates?
They are able to sell their exports at lower prices
They are able to trade with other countries
They can determine what to export.
They can determine what to import
10
In which economic system are entrepreneurs MOST likely to exist?
Command
Traditional
Communist
Market
11
What is a tariff?
Quota
Stops trade
Limit
Tax
12
Which of the following is found in a market economy?
competition
government control of the industries
government control of agriculture
guaranteed yearly raises
13
Who answers the questions of What? How? For Whom to Produce? in a mixed economy?
Tradition, Customs, Culture
Trade Barriers
Government
Supply and Demand
14
Which trade barrier limits the number of imports from another country?
Quota
Demand
Tariff
Embargo
15
What is the relationship between the literacy rate of a country and its GDP?
It has no effect on it
The higher the literacy rate, the higher the GDP
The higher the literacy rate, the lower the GDP
The lower the literacy rate, the higher the GDP
16
What is the most common economic system in the world?
Pure Market
Pure Command
Traditional
Mixed

Economics Unit Review Flashcards | StudBud