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Economics and Culture Review Flashcards | StudBud
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Economics and Culture Review
Economics and Culture Review
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This quiz is a review over key concepts and terms from culture and economics.
Flashcards
13 cards
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Questions
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Answers
1
Which is true of trade?
It can increase a country's wealth.
It can increase the types of goods a country has.
All of the above
It can help countries learn new cultures.
2
Which economic system is a mixture between private ownership and government control?
Command Economy (Communism)
Mixed Economy
Traditional Economy
Market Economy (Capitalism)
3
Which of the following is part of a person's culture?
Food
Religion
Language
All of the Above
4
Which type of country has low GDP and an undeveloped economy?
Developing Country
Developed Country
5
Which is not a benefit of using a bank?
The bank can lose your money
You can get interest from your deposited money
The bank can provide you a loan
It can be a safe place to put your money
6
What is one way to increase your human capital?
Get more training
Take more classes
Increase your experience
All of the Above
7
What is the total value of all the goods and services produced in a country called?
Entrepreneurship
Gross Domestic Product (GDP)
Capital
Economy
8
Which economic system has the most government control?
Command Economy (Communism)
Mixed Economy
Traditional Economy
Market Economy (Capitalism)
9
What is the measure of the total value of products and services produced per person called?
Entrepreneurship
Gross Domestic Product (GDP)
GDP per Capita
Capital
10
Which economic system allows private individuals freedom to create and buy goods?
Traditional Economy
Command Economy (Communism)
Free Market Economy (Capitalism)
Mixed Economy
11
What is the definition of economy?
A system in which people buy, produce, and sell things
A violent shaking of the earth
A person's way of life
An object that stands for something else
12
What is currency?
A Car
Food
A Way to Barter
A Form of Money
13
Which economic system produces goods based on tradition and custom?
Command Economy (Communism)
Mixed Economy
Traditional Economy
Market Economy (Capitalism)
