Q4 Test #1 (Economics)

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In this type of economic system the government makes ALL economic decisions. (RR2)

In this type of economic system producers and consumers are free to make their own economic choices without ANY government interference. (RR2)

If a country commits to investing 10% more in human capital by providing public education to its citizens, what effect would they expect that investment to have on the GDP? (QR43)

When a country focuses on producing only what it can produce most efficiently (fast cheap) (QR42)

Which of the following would most likely be a result of protectionism with trade barriers, but would NOT be a likely result of Free Trade? (RR4B and C)

Which of the following would be an example of investment in physical capital? (RR3/QR43)

“I live in a hut that my family and I made of things we gathered from our surrounding environment. We don’t use currency, so we have to make or trade for the things we need to survive.” (RR2)

In most countries, producers and consumers are free to make most of their own economic choices, but the governments make some economic rules for the purpose of public safety. What do we call this type of economic system? (RR2)