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Economics and Trade Development Flashcards | StudBud
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Economics and Trade Development
Economics and Trade Development
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#Economics #7thGrade
Flashcards
42 cards
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Questions
42
Answers
1
Which type of economy fits the following: self-sustaining community, uses the barter system
Traditional
Free Market
Mixed
Command
2
What is one way trade barriers can negatively affect consumers?
They lower the price of goods and make them too cheap
They reduce competition between companies
They make it easier for countries to trade freely
They limit the variety of products available
3
To get the products we need and want, we engage in trade.
True
False
4
When you freely or willingly choose to engage in trade this is called...
Involuntary Exchange
Free Trade
Barter
Voluntary Exchange
5
What is a characteristic of a developed country?
Dependence on agriculture as the main source of income
High levels of poverty and low access to education
A small economy with limited industries
Strong infrastructure and advanced technology
6
GDP stands for...?
Gross Domestic Product
Gross Domestic Production
Gross Domestic Price
Gross Domestic Profit
7
Which type of economy fits the following: cooperation rather than competition among businesses
Command
Free Market
Mixed
Traditional
8
What happens to the # of goods/services available when a country uses free trade?
More Goods and Services Available
Less Goods and Services Available
No Change in Goods and Services Available
None of These
9
What is a tariff?
A system to measure a country's GDP
A ban on importing certain goods
A tax placed on goods that are imported or exported
A strategy to increase productivity in a country
10
How does a tariff affect international trade?
It eliminates trade barriers between countries
It makes imported goods more expensive for consumers
It encourages countries to trade more freely
It helps countries develop faster
11
Volkswagen cars shipped into the USA from Germany are examples of what type of product?
Service
Domestic
Import
Export
12
Which type of economy fits the following: consumers/businesses make all of their own choices
Free Market (Capitalist)
Mixed (Socialist)
Command (Communist)
Traditional
13
The Voluntary Exchange of Goods and Services is called....
Theft
Economics
Trade
Cooperation
14
States locally trading strawberries for oranges is an example of what kind of trade?
Globalization
Important
International
Domestic
15
Which of the following describes a developed country?
A country with a low GDP and limited access to resources
Country with high levels of industrialization and a high standard of living
A country that focuses only on free trade
A country that depends only on agriculture
16
What is one advantage of free trade?
It allows countries to access goods and resources they don't produce
It reduces competition between countries
It eliminates the need for GDP measurements
It increases the cost of goods for consumers
17
What does "development" refer to in terms of countries?
The total amount of products a country imports
The creation of new trade barriers
The construction of roads and buildings only
The growth of a country's economy and quality of life
18
Which type of economy fits the following: government and businesses share in economic decisions
Traditional
Free Market
Mixed
Command
19
How can a country increase its productivity?
By training workers and investing in better tools
By reducing access to technology
By lowering tariffs on imported goods
By increasing the number of trade barriers
20
Why might developing countries struggle with productivity?
They focus too much on free trade agreements
They often lack access to modern tools, technology, and education
They have too many workers for the amount of work available
They have higher GDPs than developed countries
21
What is free trade?
A situation where all countries have the same GDP
Trade between countries without restrictions or taxes
Trade between only developed countries
A tax on goods coming into a country
22
What is supply and demand?
The process of raising tariffs on imported goods
The total GDP of a develped country
The number of workers available in a country
how much of a product is available and how much people want it
23
Which type of economy fits the following: people have no freedom to choose goods/services
Free Market
Traditional
Command
Mixed
24
What is a trade barrier?
An agreement to promote free trade between nations
A tax placed on goods exported from a country
A rule or restriction that makes trade between countries more difficult
A measure of the total value of goods and services produced in a country
25
A country that specializes in agriculture, faces which risk to resources?
Alien Invasion
Theft
Economic Expansion
Natural Disasters
26
What is scarcity?
When free trade agreements are in place
When there is no demand for a product
When there is not enough of a resource to meet everyone's wants and needs
When a country produces too many goods
27
What does GDP measure in a country?
$ value of all goods and services produced per year
Number of all goods and services produced per year
Taxes
Average Income Per Person
28
Growth of an economy due to increases in production (ex: China and India)
Economic Expansion
Specialization
Economic Production
Economic Contraction
29
What might be a challenge for a developing country?
Having a high GDP and strong economy
Having too much access to advanced technology
Competing with developed countries in global trade
Too many skilled workers and not enough jobs
30
Why is productivity important for a country?
It shows the level of development in the country
It sets the tax rate for imported goods
It measures how efficiently goods and services are produced
It determines how quickly goods can be exported
31
Which of the following is an example of a trade barrier?
Two countries signing a free trade agreement
A government lowering taxes on exported goods
A country refusing to import goods from another country
A company creating a new product to increase productivity
32
Which of these is true about a developing country?
It has no trade barriers and free trade policies
It is one of the richest countries in the world
Its GDP is always increasing rapidly
It has a low productivity and limited access to modern technology
33
The USA ships an Xbox to be sold in Japan to consumers. For the USA this product is an ___
Export
Waste
Investment
Import
34
Which type of economy fits the following: the government controls all business
Mixed
Traditional
Command
Free Market
35
This is when a country is good at producing, or its ability to produce a product more efficiently than other products.
Self-Sufficient
Comparative Advantage
Interdependence
Exchange
36
Which type of economy fits the following: little or no government control
Traditional
Command
Mixed
Free Market
37
Specialization and Interdependence can make products cheaper because...?
Access to Cheaper Labor
More Abundant Resources
Lower Production Costs
All of the Above
38
Which type of economy fits the following: there is competition between businesses
Mixed
Both Free Market and Mixed
Free Market
Command
39
What is opportunity cost?
The money gained from a product after a sale
The tax placed on imported goods
The total cost of producing a good or service
The value of what is given up when making a choice
40
Which type of economy fits the following: very little technology
Free Market
Traditional
Command
Mixed
41
Why do countries impose tariffs?
To increase GDP immediately
To lower the cost of goods for consumers
To encourage free trade
To protect local businesses from foreign competition
42
What happens if a country has a high GDP?
It relies heavily on tariffs to increase trade
It has a strong economy and good quality of life
It is always considered a developing country
It will face challenges in increasing productivity
