Q4 Final Exam Review #1

Test Description: FER 1

Instructions: Answer all questions to get your test result.

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

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

3) 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?

4) Which of the following would be an example of investment in physical capital?

5) Which of the following would be an example of how an entrepreneur could improve the Gross Domestic Product (GDP)?

6) In my country, our head of government is called Prime Minister. She is not elected directly by the citizens. She is the leader of the political party with the most seats in the legislature.

7) In my country the citizens directly elect our head of government and head of state. One person has both of these jobs.

8) Why do businesses in different countries specialize?

9) Nazi Germany is an example of a government in which all power lies in the hands of one person. Citizen participation in this form of government doesn't really exist. What term would we use to describe such a government?

10) What is a tariff and why would a government put one in place?

11) After the Age of exploration, a network of trade between Europe, Africa, the America's introduced many new goods, ideas, people to all three places. This is referred to as the ________ _________.

12) When Spain added the Inca Empire to their own, they became very wealthy from the gold and riches of the Inca civilization. Who was the last Sapa Inca or king of the Inca people when the Spanish conquered them?

13) Which of the following did NOT give the Spanish an advantage when fighting/conquering the civilizations of ancient Latin America?

14) Which of the following was introduced to the people of the America's FROM Europeans for the first time during the Columbian Exchange?

15) Europeans imported slaves to work in mines and agricultural plantations of their New World colonies as a part of the Columbian Exchange. The majority of these slaves were imported from ___________.

16) The most commonly spoken languages in Latin America today are ______________ and _______________.

17) Toussaint L'Overture, who was born a slave, is considered to be the symbol of Haitian independence from France.

18) Simon Bolivar is the name of the leader that led Mexico to win it's independence from France.

19) Why does international trade require a system for exchanging currencies?

20) The total value of all goods and service produced by a country in a given year. This statistic is commonly used to compare the economic strength of countries.


*select an answer for all questions

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