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6th Grade GA Economics Review Flashcards | StudBud
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6th Grade GA Economics Review
6th Grade GA Economics Review
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Answers
1
Which of the following is not a trade barrier?
quota
NAFTA
tariff
embargo
2
Restrictions placed on trade are called
Gross Domestic Product
trade
embargoes
trade barriers
3
A tax on imports is
free trade
a tariff
a quota
an embargo
4
What is an example of investment in physical capital?
providing health insurance for employees
building a new factory
keeping old equipment
training programs for employees
5
The education, training, and healthcare of workers in a business or country is called
human capital
specialization
physical capital
scarcity
6
Minerals, water, oil are all examples of
human capital
natural resources
financial investment
physical capital
7
Mr. Williams opens a landscaping business. He is
a politician
guaranteed to make a profit
a healthcare provider
an entrepreneur
8
Which of the countries we've studied has an economic system closest to a pure command economy?
Brazil
Mexico
Canada
Cuba
9
What is the purpose of NAFTA?
to allow free travel between Canada, the U.S., and Mexico
to limit trade between Canada, the U.S., and Mexico
to allow free trade between Canada, the U.S. and Mexico
to decrease the standard of living in North America
10
What is a result of investment in human capital?
more economic growth due to good training and healthcare
less economic growth due to trade barriers
more economic growth due to better machines and technology
less economic growth because of a lack of resources
11
A person who starts a business is called
scarcity
human capital
an entrepreneur
specialization
12
Why is it important for a person or business to have a budget?
to keep expenses less than income
to keep income less than expenses
to buy everything you want
to earn interest
13
A limited supply of something is called
capital
specialization
scarcity
tariff
14
Mrs. Holloway owns a boat and has a $300/month payment. How did she buy the boat?
income
savings
credit
spending
15
A specific limit placed on the number of imports that may enter a country is called
natural resources
a quota
physical capital
a tariff
16
Which of the following is not a way to invest your money?
stocks and bonds
businesses
credit
real estate
17
The voluntary exchange of goods and services is called
capital
a trade barrier
trade
Gross Domestic Product
18
Putting resources into producing what you best produce is called
scarcity
specialization
Gross Domestic Product
physical capital
19
A government order stopping trade with another country is
a tariff
a quota
an embargo
free trade
20
The total value of all final goods and services produced by a country in a year is called
trade
literacy rate
human capital
Gross Domestic Product
21
How does having natural resources help a country's economy?
Exporting those resources brings money for the country.
The country doesn't need to trade with other countries.
The country has to buy more from other countries.
The country can produce all the goods and services it needs.
22
When trading with other countries, what is required because of different currencies?
NAFTA
currency exchange
specialization
free trade
23
The factories, machinery, technology, and buildings needed for a business to operate are called
physical capital
human capital
natural resources
entrepreneurs
