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Q2 Final Exam Review (Economics)
Test Description: Q2 Final Exam Review (Economics)
Instructions: Answer all questions to get your test result.
1) RR3 Wood, Coal, Water, Oil are all examples of
A
Physical Capital
B
Natural Resources
C
Human Capital
D
Entrepreneurial Resources
2) RR3 If a pizza shop owner buys a new oven that can cook better/faster, she would be making an investment in
A
Physical Capital
B
Natural Resource Sustainability
C
Guaranteed Money
D
Human Capital
3) RR3 Which of the following would be an example of investment in human capital?
A
A lumber company planting trees in area that has been deforested.
B
A restaurant purchases iPads for the waiters/waitresses to use.
C
None of these would be an example of investing in human capital.
D
A business owner paying someone to teach his employees how to work faster.
4) RR2 In a ________________ economy, hunting, gathering, farming would be the main ways that most people would produce the goods they need to survive.
A
command
B
traditional
C
mixed
D
market
5) RR4 Which of the following would be an example of a entrepreneurship?
A
the electricity needed to power the machines in a toy factory
B
the woman that decided to open up a toy factory to make profit
C
an assembly line worker in a toy factory
D
a machine in a toy factory
6) RR2 In a ________________ economy, the government will make ALL of the decisions about what should be produced. North Korea is an example of a country that has this type of economic system.
A
market
B
command
C
mixed
D
traditional
7) RR2 In a ________________ economy the producers and consumers use the law of supply and demand, without any government rules or regulations, to determine what should be produced.
A
market
B
command
C
traditional
D
mixed
8) RR2 In a _________________ economy, supply demand may be used to determine what will be produced, but the government may create some economic laws for public safety. For example, the government might make it illegal to sell cocaine.
A
command
B
mixed
C
market
D
traditional
9) QR18 Today, he United Kingdom, Germany, Russia all have a _________________ economy, because their governments have some, but not total control, of their economies.
A
mixed
B
market
C
traditional
D
command
10) RR4-4B Which of the following would most likely NOT be a result of free trade, but would be a likely result of protectionism?
A
producers would be able to sell their goods in countries all over the world
B
consumers would have less variety of goods to choose from
C
consumers might be able to purchase goods at a cheaper price
D
consumers would have more variety of goods to choose from
11) RR4 A(n) _______________ is when a government places a tax on imported goods being sold in their country, to make foreign products less competitive.
A
embargo
B
market
C
quota
D
tariff
12) RR4 A(n) _______________ is when a government places a limit on the amount of imported goods that can come into the country
A
embargo
B
alliance
C
quota
D
tariff
13) RR4 A(n) _______________ is when a government bans trade with a certain country. The United States has had one of these in place against Cuba.
A
embargo
B
quota
C
annexation
D
tariff
14) RR4-4B Why would country put a trade barrier, like a tariff, in place?
A
Neither of These
B
to make domestic goods seem cheaper, so domestic consumers will most likely choose to buy them
C
to make foreign goods more expensive, so domestic consumers will most likely not choose to buy them
D
Both of These
*select an answer for all questions
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