SS6E1-3 Test Review

Question 1

Which is an example of a natural resource?

Accepted Answer

Oil

Question 2

Which sector normally grows a nations GDP and why?

Accepted Answer

The private sector grows the GDP because it is operated by entrepreneurs

Question 3

A fixed amount of a product or service allowed during times of shortage.

Accepted Answer

Rations

Question 4

A nation’s buildings, roads, bridges, power grids, etc.

Accepted Answer

Infrastructure

Question 5

Which of the following would be an example of specialization?

Accepted Answer

productive and efficient in producing

Question 6

France placing a number limit on automobiles from Germany.

Accepted Answer

Quota

Question 7

Which side of the economic continuum Mexico located on?

Accepted Answer

market

Question 8

A person who opposes the authority of an established government.

Accepted Answer

Dissident

Question 9

How do literacy rates affect their standard of living?

Accepted Answer

The higher the literacy rates the higher the standard of living.

Question 10

Capital goods are the ___________ people use to produce goods and services.

Accepted Answer

Factories machines, & technology

Question 11

Human capital includes the _______________ people use to produce goods and services.

Accepted Answer

Skills, knowledge, and experience

Question 12

A country investing in updating outdated factories.

Accepted Answer

capital goods

Question 13

A country investing in the health of their citizens.

Accepted Answer

human capital

Question 14

Which scenario would describe a successful sanction in the form of an embargo?

Accepted Answer

embargo from Mexico while Mexico has no others to export to

Question 15

Literacy rates in Cuba are among the highest in the world, but standard of living is very poor. Why?

Accepted Answer

communist - mismanaged money too = poverty citizens

Question 16

What three countries joined together to create NAFTA?

Accepted Answer

United States, Canada, Mexico

Question 17

Which side of the economic continuum Cuba located on?

Accepted Answer

command

Question 18

To transfer a business, industry, or service for public (government) to private control.

Accepted Answer

Privatize

Question 19

Why does NAFTA exist?

Accepted Answer

To increase trade between North American countries.

Question 20

Spain placing a tax Italy on all imported produce.

Accepted Answer

Tariff

Question 21

What is the correct correlation (relationship) between natural resources and GDP?

Accepted Answer

GDP goes up an abundance of natural resources.

Question 22

Financial gain through illegal means.

Accepted Answer

Graft

Question 23

Russia stopping all trade with U.K

Accepted Answer

Embargo

Question 24

What is the currency of Mexico?

Accepted Answer

Peso

Question 25

What is the currency of Brazil?

Accepted Answer

Real

Question 26

Russia stopping all trade with U.K.

Accepted Answer

Embargo

Question 27

Money granted by the government to assist a business or industry in lowering the cost of its product/service.

Accepted Answer

Subsidies

Question 28

What is the correct correlation (relationship) between entrepreneurs affect GDP?

Accepted Answer

Country invests in human capital, foster entrepreneurs, higher the GDP.

Question 29

relationship between a country’s investment in capital goods and its gross domestic product (GDP)?

Accepted Answer

Investments in capital goods lead to an increase in GDP

Question 30

One of the main benefits of NAFTA is

Accepted Answer

All members get free trade

Question 31

One of the negatives of NAFTA is

Accepted Answer

Outsourcing of farming jobs in the U.S. to Mexico.

SS6E1-3 Test Review

Questions 31

SS6E1-3 Test Review

Questions 31