Economics

Question 1

Which of the following is NOT true?

Accepted Answer

The USA is part of OPEC

Question 2

True or false: Natural resources are the only factor that determine a country's wealth.

Accepted Answer

false

Question 3

What is the term for a business that has assets in another country besides their home country?

Accepted Answer

Multinational corporation

Question 4

True or False: Since the US imports more than it exports, it has a trade surplus.

Accepted Answer

False

Question 5

What is the process by which an economy is transformed from agriculture to manufacturing?

Accepted Answer

Industrialization

Question 6

True or False: Nonrenewable resources such as oil cannot be replaced over time.

Accepted Answer

True

Question 7

Which of the following is NOT a benefit of world trade

Accepted Answer

higher prices

Question 8

Which of the following is NOT an indicator of standard of living?

Accepted Answer

official language

Question 9

Countries that have a great deal of manufacturing and service industries and high incomes are

Accepted Answer

Developed countries

Question 10

True or False: GDP per capita is an average of how much money there is per person in a country.

Accepted Answer

True

Question 11

What is the removal of all trade restrictions so that goods flow freely between countries?

Accepted Answer

Free trade

Question 12

Which of the following is NOT a way a person could increase his/her human capital?

Accepted Answer

Inherit a large sum of money

Question 13

A doctor is an example of which sector?

Accepted Answer

tertiary

Question 14

The cars made at a Japanese Toyota factory located in Indiana would count for_____.

Accepted Answer

Japan's GNP

Question 15

In which system are decisions made by business and consumers through supply and demand?

Accepted Answer

market economy

Question 16

In which economic system are decisions based on customs and family traditions?

Accepted Answer

traditional economy

Question 17

What are the services and facilities necessary for an economy to function?

Accepted Answer

Infrastructure

Question 18

Which of the following is a negative effect of globalization?

Accepted Answer

Increased pollution and the spread of diseases

Question 19

Which countries are part of NAFTA?

Accepted Answer

The USA, Canada, and Mexico

Question 20

The term used for earned money?

Accepted Answer

income

Question 21

True or False: Most countries with a command economy are dictatorships.

Accepted Answer

True

Question 22

Which of the following is NOT true?

Accepted Answer

All currencies are worth the same amount

Question 23

What is the value of what we give up when we choose something else?

Accepted Answer

opportunity cost

Question 24

Ethiopia's GDP per capita is $1,100 and 85% of people work in agriculture. Ethiopia is a ___.

Accepted Answer

Developing country

Question 25

True or False: Pollution is an example of a helpful spillover.

Accepted Answer

False

Question 26

Japan's GDP per capital is $42,000 and life expectancy is 85 years. Japan is a ____ country.

Accepted Answer

developed

Question 27

True or False: To export means to sells goods and materials to other countries.

Accepted Answer

True

Question 28

What did NAFTA do?

Accepted Answer

created free trade between the USA, Canada, and Mexico

Question 29

Working in a car factory would be part of which sector?

Accepted Answer

Secondary

Question 30

Which country would be considered Newly Industrialized?

Accepted Answer

Mexico $19,900

Question 31

What term is used for poor, living on less than $2 a day?

Accepted Answer

poverty

Question 32

True or False: In a market economy people are paid evenly no matter their job.

Accepted Answer

False

Question 33

Which economic system blends elements of other systems together?

Accepted Answer

mixed economy

Question 34

In which economic system does the government make all of the economic decisions?

Accepted Answer

command economy

Question 35

What is a tax placed on imported items?

Accepted Answer

tariff

Question 36

Which of the following countries would be considered developing?

Accepted Answer

Burundi $700

Question 37

What is an embargo?

Accepted Answer

A ban on trade

Economics

Questions 37

Economics

Questions 37