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6th Government & Economics Test Review Flashcards | StudBud
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6th Government & Economics Test Review
6th Government & Economics Test Review
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Economics Review
Flashcards
18 cards
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Questions
18
Answers
1
A business paying for an employee's college education is an example of an investment in...
natural resources
capital goods
human capital
entrepreneurship
2
Which of these is the BEST example of entrepreneurship?
opening a lemonade stand
washing your dad's car
completing your homework
walking your dog
3
If a company purchases wind turbines to reduce their energy costs, they are investing in...
human capital
capital goods
entrepreneurship
natural resources
4
Which type of economy gives citizens the MOST FREEDOMS?
command
market
mixed
traditional
5
If there is a large supply and little demand for a product, the price will...
remain unchanged
decrease
increase
spike
6
A business that purchases newer computer software to speed up production is an investment in...
entrepreneurship
capital goods
human capital
natural resources
7
If a product is scarce this means there is...
too much of it
just enough of it
little of it
I'm too scarced to answer
8
Which trade barrier places a limit on goods?
embargo
tariff
quota
democracy
9
Which trade barrier blocks trade between countries?
command
tariff
quota
embargo
10
Which type of economy provides the LEAST FREEDOMS for its citizens?
command
mixed
traditional
market
11
Which trade barrier places a tax on goods?
quota
embargo
consumerism
tariff
12
If a farmer stops growing 10 different crops and only grows corn, this is known as...
supply
specialization
industry
demand
13
This is the type of economy that most countries have today.
mixed
command
market
traditional
14
Which of the following is NOT another name for a market economy?
free enterprise
socialism
capitalism
consumerism
15
If there is a high demand and limited supply of a product, the price will...
increase
decrease
remain unchanged
flutter
16
How much of a product is available is know as...
specialization
demand
profit
supply
17
If a company uses wind energy to offset their cost of fossil fuels, they invest in...
capital resources
human capital
natural resources
entrepreneurship
18
This is a measure of a nation's total economic activity.
gross domestic product (GDP)
consumerism
tariff
regulation