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Q4 Test #1 (Economics)
Test Description: Q4 Test #1 (Economics)
Instructions: Answer all questions to get your test result.
1) In this type of economic system the government makes ALL economic decisions. (RR2)
A
capitalist
B
command
C
market
D
traditional
2) In this type of economic system producers and consumers are free to make their own economic choices without ANY government interference. (RR2)
A
command
B
mixed
C
market
D
communist
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? (RR2)
A
command
B
mixed
C
market
D
communist
4) Which of the following would be an example of investment in physical capital? (RR3/QR43)
A
A delivery company buys faster trucks.
B
A delivery company hires someone to train it's workers to load trucks faster.
C
A delivery company plants trees.
D
None of These
5) Which of the following would be an example of how an entrepreneur could improve the Gross Domestic Product (GDP)? (QR43-Infer)
A
firing workers
B
giving people jobs so they can have money to spend
C
None of these would help the GDP
D
closing down a factory
6) What is a tariff and why would a government put one in place? (RR4/4-B and C)
A
a tax on imported goods - to make foreign goods cheaper
B
a limit on the amount of imported goods that can come into a country - to make foreign goods more expensive
C
a tax on imported goods - to make foreign goods more expensive
D
a limit on the amount of imported goods that can come into a country - to make foreign goods cheaper
7) Which of the following would be an example of investment in human capital? (RR3/QR43)
A
None of these would be an example of investing in human capital.
B
A restaurant purchases iPads for the waiters/waitresses to use.
C
A lumber company planting trees in area that has been deforested.
D
A business owner paying someone to teach her employees how to work faster.
8) 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)
A
consumers would have more variety of goods to choose from
B
consumers might be able to purchase goods at a cheaper price
C
producers would be able to sell their goods in countries all over the world
D
consumers would have less variety of goods to choose from
9) A(n) _______________ is when a government bans trade with a certain country. The United States has had one of these in place against Cuba. (RR4)
A
annexation
B
embargo
C
tariff
D
quota
10) The total value ($) of all goods and services produced in a country in a year. It is used to determine the economic strength of a country. (QR43)
A
Gross Democratic Principle (GDP)
B
Gross National Income (GNI)
C
Gross Domestic Product (GDP)
D
Gross Domestic Performance (GDP)
11) 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)
A
The GDP would stay the same
B
The GDP would increase/go up
C
None of These
D
The GDP would decrease/go down
12) “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)
A
mixed
B
traditional
C
market
D
command
13) When a country focuses on producing only what it can produce most efficiently (fast cheap) (QR42)
A
Investment
B
Specialization
C
Interest
D
Credit
14) A limit on the amount of foreign goods that can be imported into a country. (RR4)
A
tariff
B
industrialization
C
quota
D
embargo
15) Every country in the world today has some form of mixed economy. Of the following countries, which has an economic system closest to a command economy? (QR44-A)
A
Mexico
B
Canada
C
Brazil
D
Cuba
*select an answer for all questions
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