A mixed market is what?

Contains aspects of both state and private ownership, most economies

Capital resources are ......

Resources or tools that are used to create other products

Total value of goods and services produced in one year

GDP per capita best measures what?

Amount of money one person makes in one year

An embargo is .......

A country's decision to refuse to trade with another country

An entrepreneur is a what?

Someone who takes the risk of starting a new business

Literacy rate is.......

Percentage of the population that can read and write in a country

A country with economic specialization would be doing what?

Focusing its efforts on one specific resource or limited group of resources

Traditional economy is what?

Determined by history, tradition, and beliefs

What is market economy?

Government has little intervention in production and pricing of goods

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Economic System 7th Grade

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Questions 14

Answers

1
A mixed market is what?
Controlled by no one
Contains aspects of both state and private ownership, most economies
Based on history, tradition, and beliefs
Controlled by supply and demand
2
Capital resources are ......
Skill, education, and knowledge
Resources or tools that are used to create other products
Money a person is paid for the job in one year
All goods and services that start with a capital letter
3
Define tariff.
Limiting products going out of the country
Limiting products coming into the country
Tax on imported goods
Refusing to trade with a foreign country
4
GDP measures what?
Total value of goods and services produced in one year
Goods leaving the country
Goods Developed Primarily
Population Growth
5
Capital resources are not used to create other resources
True
False
6
GDP per capita best measures what?
Amount of products a person can produce in one year
Defines the literacy rate of the country
Amount of money as person spends in one year
Amount of money one person makes in one year
7
An embargo is .......
A set limit placed on foreign goods
Tax on all exported goods
A country's decision to refuse to trade with another country
A tax on all imported goods
8
An entrepreneur is a what?
An individual with a job to let people inside the door of a business
A person who tries to over throw an unstable country
The head of a newly formed government
Someone who takes the risk of starting a new business
9
A command economy is controlled by what?
Central government
Supply and demand
The president
The monarchy
10
Literacy rate is.......
Percentage of the population that can read and write in a country
Tax placed on school books
The value of the skills, education, and knowledge of the population
The amount of students a teacher teaches in one year
11
A country with economic specialization would be doing what?
Focusing its efforts on controlling the prices of goods
Focusing its efforts on many different products to decrease efficiency
Focusing its efforts on one specific resource or limited group of resources
Focusing on specializing it government control over its people
12
Traditional economy is what?
Determined by history, tradition, and beliefs
Combination of government controlled and the people
Controlled by the government
Determined by supply and demand
13
A country that is investing in human capital will be increasing the knowledge, health, and skills of its people
False
True
14
What is market economy?
Controlled by the monarchy
Government has little intervention in production and pricing of goods
Controlled by the government
Based on history, tradition, and beliefs

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