Q3 Final Exam Review (Economics)

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(RR3) In a market economy, 4 Factors of Production are employed to make most goods. The WOOD used to make a birdhouse would be an example of which factor of production?

(RR2) Which type of economy can be described as one where producers and consumers are free to make their own economic decisions without any influence from a government?

(RR4) If a good is “domestic”, it means that it was made in another country, outside of your own.

(RR4-B) When FREE TRADE occurs, consumers will most likely have more choices of goods to choose from at lower prices.

(RR7) Based on the following imaginary exchange rates (compared to 1USD/ $1.00), which of the following currencies is MORE VALUABLE than the US Dollar?

(RR4-C) When trade barriers are put into place, consumers will most likely have more choices of goods to choose from at lower prices.

(QR30/RR7) What term is used to describe the type of money people use in a particular country or region?

(RR3) In a market economy, 4 Factors of Production are employed to make most goods. The BUSINESS OWNER that owns/operates a birdhouse factory would be an example of which factor of production?