Which of the following qualifies as an example of human capital?

The training someone receives prior to becoming a mechanic, The knowledge you're receiving (and creating) at CMS

Which is an example of specialization?

A factory focuses on the producing one type of microchip.

Which statement describes a part of a market economy?

People purchase a factory to build a new type solar panel.

Increases in either human capital or capital goods...

tend to increase GDP., have been seen under command but more so under market econ's

Which of the following would be an example of a country investing in its human capital?

Canadian prime minister creates a tax used to build schools.

How is gross domestic product (GDP) and standard of living related?

Higher GDP promotes higher standards of living, Lower GDP promotes lower standards of living.

Which of the following would be an example of a capital good?

A dough roller at a bakery, Machines that create the microchips that then go in IPhones

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Canada's Trade & Economic Structure Review

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Answers

1
Which of the following qualifies as an example of human capital?
The training someone receives prior to becoming a mechanic
Machines that create the microchips that then go in IPhones
The knowledge you're receiving (and creating) at CMS
The dough roller at a bakery
2
In which economic system do consumers make economic decisions based on changes in prices?
market
command
traditional
mixed
3
Which is an example of specialization?
A country buys all the goods it needs from other countries.
A violin completes the whole process of making a violin.
A factory focuses on the producing one type of microchip.
A business makes many different types of goods.
4
Which statement describes a part of a market economy?
A farmer is told which crops to grow by the government.
The government orders a factory to produce 1000 televisions.
All the stores in a country have prices set by the gov't.
People purchase a factory to build a new type solar panel.
5
Increases in either human capital or capital goods...
can only come from government.
tend to increase GDP.
have been seen under command but more so under market econ's
tend to increase literacy rates.
6
Which of the following would be an example of a country investing in its human capital?
Cuban dictator Fulgencio Batista constructing casinos.
Adolf Hitler rebuilding German army after World War I.
Canadian prime minister creates a tax used to build schools.
Venezuela continues to produce oil despite the pollution.
7
Who is Canada's number one trading partner?
Mexico
Brazil
the United States
Cuba
8
How is gross domestic product (GDP) and standard of living related?
Higher GDP promotes higher standards of living
Lower GDP promotes higher standards of living.
The two terms are not related.
Lower GDP promotes lower standards of living.
9
To help US lumber companies, the US government limits the amount of Canadian wood allowed sold.
This is an example of a voluntary exchange.
This is an example of a quota.
This is an example of a tariff
This is an example of an embargo.
10
Which of the following would be an example of a capital good?
The training someone receives prior to becoming a mechanic
The knowledge you're receiving (and creating) at CMS
A dough roller at a bakery
Machines that create the microchips that then go in IPhones

Canada's Trade & Economic Structure Review Flashcards | StudBud