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Module 5 Test Review
Module 5 Test Review
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Use this to review for the Module 5 Test
Flashcards
36 cards
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Practice quiz
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Questions
36
Answers
1
Which country has the US imposed an embargo on?
South Korea
China
Russia
Cuba
2
What could the end result be in a free enterprise system if a company acts unethically?
business growth
incentive to work
increased income
going bankrupt
3
What factor of production leads to new ideas or products that often come with a risk of failure?
Labor
Natural Resources
Entrepreneurs
Capital
4
South Africa is one of the riches countries in the world because they specialize in what?
transportation
mining
construction
agriculture
5
What helps determine how much businesses and individuals can charge?
Supply and Demand
investments
intangibles
income
6
What product was in scarce supply during quarantine lock down in 2020?
headphones
shampoo
wifi
toilet paper
7
Which of the following is an example of popular culture?
movies
religion
literature
education
8
In a free enterprise system, the desire to make a profit encourages what?
competition
incentives
specialization
communism
9
What does inflation affect?
bartering power
job opportunities
purchasing power of money
supply and demand
10
Communist governments and economics were marked by what major issue?
privately owned businesses
service industries
little government involvement
shortages of food and goods
11
What happens when a business is hurt by a drought, stock market crash, or some negative situation?
Contraction
Income increase
Expansion
Economic interdependence
12
Why are some products more difficult for consumers to find?
overproduction
scarcity
surplus
abundance
13
Which factor of production results in an exchange of payment?
expansion
contraction
labor
capital
14
What pushes producers to make better products at lower prices in capitalist economies?
producer cost
consumer profit
consumer choice
producer preference
15
What makes local residents more likely to buy products and services?
willingness to drive and purchase products
good advertising
increases supply raises prices
part of businesses are located in that country
16
What shapes how societies use factors of production?
opportunity
scarcity
income
economy
17
Who does the International Monetary Fund (IMF) give emergency loans to?
developed countries
countries in financial trouble
qualifying nations
United Nations participants
18
Things like tools, trucks, machines and factories fall under the category of which factor of production?
Capital
Natural Resources
Labor
Entrepreneurs
19
In the relationship of risk and return, high risk will lead to what?
low returns
equal returns
high returns
no returns
20
Profit is an example of what?
specialization
investment
demand
incentives
21
Ok just for fun...what is your favorite subject?
PE
Geography
22
What allows precise, flexible pricing of goods and services?
store of value
medium of exchange
interest rate
unit of account
23
What is a reason for economic globalization?
exposes unfair systems
Lowers standard of living and GDP
it benefits developed nations
Creates jobs in developing countries
24
Which economic system allows individuals and businesses to make their own economic decisions with little government help
command
market
traditional
communist
25
What government uses a communist economy?
Canada
India
North Korea
South Korea
26
When will businesses produce more of a good or service?
while they have more supplies
when they can charge more
during a lull in activity
when there is more opportunity
27
What happens when a country becomes more developed?
GDP decreases
workers wages increase
Fewer people work in primary industries
There is more specialization
28
The ability to buy running shoes made in China while living in the US is an example of what?
trade barrier
global trade
telecommunication
tariff
29
What pays for public goods in the US?
taxes
incentives
businesses
donations
30
When a farmer can afford to hire more workers, buy more equipment or land, how does this affect his business?
expansion
income
interdependence
contraction
31
How do banks allow people to borrow money?
checks
drafts
lending
loans
32
What type of trade barrier is used least often?
embargo
tarrif
screening
quota
33
Why do countries encourage free trade?
There is no competition between countries
Everyone receives essential needs
It removes trade barriers between nations.
Countries should not trade with each other
34
What helps countries expand their economies?
good weather
strong manufacturing
global trading
increased incentives
35
Which level of industry involves raw materials such as grain, cattle, seafood, and coal?
secondary
primary
quaternary
tertiary
36
What organization has worked with other nations to help trade among nations flow smoothly and freely?
NAFTA
United Nations
NATO
World Trade Organization
