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Duplicate of Economic Systems Flashcards | StudBud
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Duplicate of Economic Systems
Duplicate of Economic Systems
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StudBud Administration
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SS7E5-7 #questionsofproduction #economicsystems #economicfactors
Flashcards
20 cards
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Questions
20
Answers
1
Decreasing taxes for small business is an investment in
entreprenuership
capital goods
natural resources
human capital
2
A formal halt to trade between nations is called
a tariff
an embargo
an exchange rate
a quota
3
Which of the following is not a natural trade barrier?
volcano
mountains
desert
quota
4
Which economic system is based on customs of the past?
Command
Market
Mixed
Traditional
5
The 3 questions that must be answered by the economic system are
what to produce, how to produce and how much government gets
What to produce, how to produce and for whom to produce.
What to produce, when to produce and how to produce.
how to produce, how much to produce and when to produce.
6
A person who takes the risk to start their own business is called
a consumer
an entreprenuer
an imperialist
an advertiser
7
Investment in updating computer technology, machinery and equipment are investments in
entreprenuership
human capital
natural resources
capital goods
8
A tax on goods coming into the country is called
an embargo
a quota
an exchange rate
a tariff
9
Replanting trees that have been cut down is an investment in
natural resources
human capital
entreprenuership
capital goods
10
Which system is a combination of the 3 primary economic systems and is the most-used today?
Market
Mixed
Traditional
Command
11
Health insurance, employee day care, and training are investments in
entreprenuership
human capital
natural resources
capital goods
12
Which country has the highest literacy rate and standard of living in Southwest Asia?
Saudi Arabia
Iran
Turkey
Israel
13
A scale showing the value of a country's currency in comparison to another country is
a quota
a tariff
an embargo
an exchange rate
14
The government controls all aspects of the economy in which system?
Market
Mixed
Command
Traditional
15
Producers and consumers make all the economic decisions in which economic system?
Command
Market
Traditional
Mixed
16
A limit on foreign goods coming into the country is called
a quota
an embargo
a tariff
an exchange rate
17
Which of the following is not a man-made trade barrier?
Tariff
Embargo
GDP
Quota
18
As a country's literacy rate and GDP rises their standard of living usually
decreases
stays the same
increases
19
This economic systems includes free enterprise with some government control.
Market
Mixed
Command
Traditional
20
What are the 3 basic economic systems?
Supply, Demand, Barter
Traditional, Command, Market
Institutional, Free-Market, Demand
Traditional, Mixed, Monarchy
