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PPPA Review (Economics)
Test Description: ECONOMICS
Instructions: Answer all questions to get your test result.
1) Which type of economy is based on customs and beliefs?
A
a command economy
B
a market economy
C
a mixed economy
D
a traditional economy
2) What do tariffs and quotas have in common?
A
National governments are not allowed to impose tariffs and quotas.
B
Trade barriers, like tariffs and quotas, only last a year.
C
Prices naturally decrease when tariffs and quotas are in place.
D
Unlike embargoes, trading still continues with tariffs and quotas.
3) What are capital goods?
A
The factories, machinery, and technology used to make other goods
B
The workers who make the goods and services for a particular country
C
The goods and services that are produces for a country’s economy
D
The money spent to train and educate workers to use new technology
4) During the Persian Gulf conflict, the United States and its allies placed embargoes against the government of Iraq. How did these embargoes affect Iraq?
A
The embargoes strengthened the economy in Iraq.
B
The embargoes weakened the economy in Iraq.
C
The embargoes created a new currency in Iraq.
D
The embargoes decreased the price of gold on the world market.
5) Many of the oil producing countries cooperate with each other in the Organization of Petroleum Exporting Countries (OPEC). How does this enable these countries to play a significant role in world affairs?
A
OPEC uses oil profits to promote human rights in member nations.
B
OPEC influences the price of oil on the world market.
C
OPEC maintains a military force in the Middle East.
D
OPEC promotes government stability around the world.
6) What conclusion can be made based on the impact of a country’s literacy rate?
A
Literacy has a positive impact on life expectancy.
B
Higher literacy rates generally have a higher standard of living.
C
Literacy has no impact on a country’s standard of living.
D
The lower the-per capita GDP, the higher the literacy rate.
7) Under Mao Zedong’s leadership, the government of China seized control of privately owned factories and land, and made all economic decisions. This was an example of which economic system?
A
a command economy
B
a traditional economy
C
a mixed economy
D
a market economy
8) For most of Japan’s history, they were isolated from the rest of the world. Which of the following BEST explains why Japan has become an active member in the global market?
A
Religious leaders instructed the emperor to become Christian and westernize.
B
The government needed foreign military intervention to stop a civil war.
C
The government became communist and established ties with the Soviet Union.
D
Limited natural resources forced Japan to seek raw materials from foreign markets.
9) 46. India exports precious stones to other countries around the world. With the money India receives, they buy steel products from Vietnam. This international trade is a result of :
A
trade barriers
B
communism
C
specialization
D
capitalism
10) Which of the following must be present in order for international trade to be successful?
A
a system for raising taxes
B
a system for imposing protective tariffs
C
a system for securing national borders
D
a system for exchanging currencies
11) Japan has a high-tech economy and a highly skilled workforce. Japan also has one of the highest standards of living in the world. Which of the following accounts for Japan’s high standard of living?
A
The Japanese government places embargoes on other countries’ goods.
B
Japan has many natural resources.
C
Japan has a communist economy.
D
Japan invests heavily in human capital and capital goods.
12) Money that is earned regularly from work is called:
A
spending
B
savings
C
income
D
credit
*select an answer for all questions
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