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Economics Unit Test
Economics Unit Test
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A review for the Economics Unit Test
Flashcards
25 cards
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Questions
25
Answers
1
Which term describes all the roads, airports, water and sewage systems that connect a country?
Entrepreneurship
Infrastructure
Markets
Production
2
Which is the BEST example of a tertiary sector job?
Carpenter
Rancher
Lumberjack
Sales Clerk
3
Which of these terms does NOT refer to the same system?
Capitalism
Traditional Economy
Free Enterprise
Market Economy
4
Term for creative people who are willing to take risk starting new businesses?
Bravery
Free Enterprise
Entrepreneurship
Indicator
5
In which economic system do individuals make decisions?
Command
Traditional
Mixed
Market
6
Which is NOT one of the questions countries ask when deciding how to use their resources?
How should they be produced?
For WHOM should they be produced?
Where should we produce the goods?
What should be produced?
7
Which of these statements is TRUE about a command economy?
Very little modern technology, most people farm
Private people own all the factories
It is a free market that sets the price of goods.
The government decides how many products to manufacture.
8
What is another name or the tertiary sector?
Growing Sector
Service sector
Working Sector
Research Sector
9
Which economic sector involves getting natural resources from the earth?
Quaternary
Secondary
Primary
Tertiary
10
What level of industry are carpenters, plumbers, electricians and welders on?
Tertiary
Primary
Quaternary
Secondary
11
Which would you likely find in a country with a high HDI?
Low literacy rate and life expectancy
High literacy rate and high infant mortality
Low literacy rate and low infant maortality
High literacy rate and life expectancy
12
Which is a good example of an occupation found in a traditional economic system?
Cattle Herder
Dentist
Hair Stylist
Librarian
13
The total amount of goods and services in a country is?
Means of Production
National Treasure
Gross Domestic Product
Per Capita Income
14
China's economy is...
Mixed
Market
Traditional
Command
15
Which terms means the science of cultivating the land for crops and raising livestock?
production
Agriculture
manufacturing
labor
16
In a nation with a LOW HDI, what would you expect to find?
Most people go to collage
Very low infant mortality
A lower life expectancy
A higher average income
17
The balance between the amount of goods available and the number of people who want to by them?
Purchasing Power
Per Capita
Supply and Demand
Gross Domestic Product
18
The making of new goods or products from raw materials is called:
Infrastructure
Entrepreneurship
Agriculture
Manufacturing
19
Which sector of the economy do mining, forestry, and rubber plantations belong?
Capital
Primary
Traditional
Secondary
20
The term that describes unlimited wants and needs, but limited resources is?
scarcity
capitalism
purchasing power
means of production
21
Which of the following is NOT one of the factors of production.
Labor
Entrepreneurship
Foreign Trade
Land
22
Which is an example of someone n the Secondary Economic sector?
Congress in Washington DC
An automobile factory
A dairy farmer
Baybrook Mall
23
The factor of production for the money, factories, and infrastructure in a country is called?
Entrepreneurship
Traditional
Labor
Capital
24
Which is not used to calculate a country's HDI?
Life Expectancy
The amount of taxes collected by the government
Average income (GDP Per capita)
Education level
25
If a storm damaged a nations oil refineries how would it effect the price of oil?
Prices would drop quickly
Prices would rise
Prices would stay the same
Prices would stay the same for awhile, then drop