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Economics 7th Grade SS Guided Review
Test Description: Guided review questions for Georgia's 7th grade Social Studies standards.
Instructions: Answer all questions to get your test result.
1) LEARN: A Traditional Economy is based on producing the same product (crop) as your ancestors have from generation to generation. NOW ANSWER: When a company or nation focuses on producing one product.
A
Subsistance
B
Speculation
C
Socialism
D
Specialization
2) LEARN: A company or nation that specializes is focusing its efforts on one product. NOW ANSWER: What type of economy has people producing the same things in the same way as the generations before?
A
Mixed
B
Market
C
Command
D
Traditional
3) LEARN: Countries sometimes use a method of punishing a country called Embargo because it stops all trade. NOW ANSWER: When a company buys a new factory, repairs equipment, updates machinery, etc. it is called?
A
income
B
savings
C
human capital
D
investment capital
4) LEARN: Investment Capital describes the process of spending money to buy new or repair equipment so that producation improves. NOW ANSWER: What is it called when a country stops all trade with another country for the purpose of punishing it?
A
Embargo
B
Speculation
C
Tariff
D
Quota
5) LEARN: Trade Barriers act as a way to reduce the influence imports have on a country's economy. NOW ANSWER: What type of trade barrier establishes a limited amount of imports?
A
infrastructure
B
quotas
C
tariffs
D
embargoes
6) LEARN: A Quota establishes a limited amount of imports into a country. NOW ANSWER: Methods used to reduce the role of foreign imports on a country's economy is called?
A
trade barriers
B
exports
C
speculation
D
infrastructure
7) LEARN: A tax on goods coming into a country (imports) is called a tariff. NOW ANSWER: What is a trade barrier that sets a limit on the number of imports of a certain product?
A
exports
B
quota
C
income
D
tariff
8) LEARN: The three basic economic questions are: What to produce, How to produce, and for whom to produce. NOW ANSWER: What trade barrier increases a products price due to placing a tax on the imported item?
A
subsistence
B
tariff
C
infrastructure
D
quota
9) LEARN: The level of living at or below the ability to survive is called subsistence. NOW ANSWER: Which of these include the three basic economic questions?
A
who should be hired, where the factory should be located, how much to invest
B
how much to pay, where to shop, when are sales
C
Where a store should be, how much employees should be paid, what to produce
D
who to produce for, what you should produce, how you should produce an item
10) LEARN: Human Capital is improved when there is an investment for trainging and educating the employees. NOW ANSWER: What is the term used to describe barely making a living (struggling to survive)?
A
subsistence
B
standard of living
C
infrastructure
D
speculation
11) LEARN: A Market Economy is where Supply and Demand and the businesses and the public all combine to determine prices of products. NOW ANSWER: What is improved by sending employees to further training for their job?
A
human capital
B
entrepreneur
C
investment capitoa
D
infrastructure
12) LEARN: A Command Economy has most of the economic decisions decided by people in the government. NOW ANSWER: What type of economy has prices determined by the people involved in buying and selling?
A
Mixed
B
Market
C
Command
D
Traditional
13) LEARN: A person who takes a risk and invests his time, money, and effort towards a new business is called an Entrepreneur. NOW ANSWER: The government decides the answers to the 3 Basic Economic Questions inside which economy?
A
Command
B
Mixed
C
Market
D
Traditional
*select an answer for all questions
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