Government/Economics EOC Question Preview (ID: 37182)
EOC.
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Why is it important for nations to have a system for exchanging from one currency to another?
a) It makes it possible to buy and sell goods from other countries.
b) It makes products cost less.
c) It is easier for banks.
d) The dollar is the most valuable type of currency.
The United States has decided to put a limit on the number of European cars that can be imported. This is an example of....
a) exchange
b) quota
c) embargo
d) tariff
A factory that only builds cars is an example of.....
a) specialization
b) scarcity
c) interdependence
d) opportunity cost
Which economic term best describes using money to earn more money?
a) Investing
b) selling
c) borrowing
d) trading
What three questions must every country ask when developing an economic system?
a) what to produce, why to produce, when to produce
b) what is the opportunity cost, what resources are needed, why use those resources
c) what to sell, how to trade, what resources are needed
d) what to produce, how to produce, and for whom to produce
What is a democracy?
a) government by the dictator
b) government by the people
c) government by the wealthy
d) government by the king
What is the main goal of government?
a) to provide food
b) to start wars
c) to control trade
d) to make laws and decisions
As the leader of your party, you were chosen to be the Prime Minister by your fellow legislators. Which form of government do you have?
a) Autocractic
b) Parliamentary
c) Presidential
d) oligarchy
In an autocracy, freedom of speech is usually...
a) only given to the regular citizens
b) protected by the government
c) censored and controlled by the government
d) guaranteed by the country's constitution
Australia's government power is divided between one central and several regional authorities. What type of government is this?
a) Federal
b) Autocracy
c) Oligarchy
d) monarchy
What are capital goods?
a) money used to train workers on new equipment
b) factories and machines used to make goods
c) workers who make the goods
d) scholarships available to private schools
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