What is the gross domestic product?

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

Why do countries need exchange rates?

They are able to trade with other countries

In what ways can entrepreneurship contribute to economic growth

Entrepreneurs can add provide jobs

Which of the following BEST describes human capital?

value of a person's skills and education

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

Economics Unit Review Flashcards | StudBud