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Unit 4 Economic Terms
Test Description: GSE 6th grade SS economic standards
Instructions: Answer all questions to get your test result.
1) This one of the measures of national income and output for a given country's economy and is defined as the total market value of all final goods and services produced within the country in a calendar year.
A
Gross Domestic Product (GDP)
B
Gross National Product (GNP)
C
Gross National Product Per Capita
D
Gross Domestic Product Per Capita
2) The total value of all the goods and services produced within a country in a given year
A
Gross Domestic Product Per Capita
B
Gross Domestic Product (GDP)
C
Gross National Product Per Capita
D
Gross National Product
3) This is equipment and factories used in the production of goods and services.
A
Capital goods
B
Natural Resources
C
Human Capital
D
Entreprenuerial Resources
4) What are land, labor, capital, and entrepreneurship
A
Factors of Capital
B
Factors of GNP
C
Factors of GDP
D
Factors of production
5) These are use materials that are found on or in the earth and are used in the production of goods and services.
A
Natural Resources
B
Capital Resources
C
Human Resources
D
Entrepreneurial Resources
6) A nation's workforce; the education and skills of its people is called;
A
Entrepreneurial Resources
B
Natural Resources
C
Capital Resources
D
Human Resources
7) This is the name for a category of trade barriers that a country may impose on another country or countries.
A
Sanctions
B
Boycott
C
Tariff
D
Subsidy
8) This is financial assistance from the government to encourage the production of or the purchase of a good.
A
Subsidy
B
Social Security
C
Sanction
D
Welfare
9) This is a type of protectionist trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time.
A
Embargo
B
Subsidy
C
Quota
D
Sanction
10) his is the process of prohibiting commerce and trade with another country. This is often done to affect the country to change an internal policy.
A
Subsidy
B
Embargo
C
Quota
D
Sanction
*select an answer for all questions
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