Economics Unit: Question Preview (ID: 21366)

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What would be the Most important in deciding what job you would do if you lived in a traditional economy?
a) the job your parents had
b) how smart you were in school
c) the types of factories in your area
d) careers that you were most interested in

John is an auto mechanic in a nearby larger town. He has decided his own small town needs its own car repair shop. Jon bought the building and opened his shop. Jose is an example of a ________.
a) trade surplus
b) entrepreneuer
c) gross domestic product
d) opportunity costs

Which term best describes an economic system in which the people- not the government own land, factories, and buisnesses?
a) communism
b) market
c) command
d) tradtional

In a command economy, who usually owns the farms and factories?
a) individuals
b) corporations
c) the government
d) farm and factory workers

When a country has a market economy, which of these statements correctly defines this system?
a) Workers are guaranteed a pay raise every year.
b) The government controls most of the buisnesses in the country
c) Basic goods in the country are provided to all people without charge.
d) Companies produce goods of their choice and consumers decide whether to buy the goods.

Which word has the same meaning as the economic term tariff?
a) tax
b) savings
c) debt
d) money

What is the money people use in a country called?
a) currency
b) exchange
c) trade
d) voluntary

A sixth grade class decides to open a popcorn stand. The stand and popcorn popper are examples of which factor of production?
a) natural resources
b) human resources
c) capital resources
d) entreprneurship

The literacy rate for the region of 90%. In the country of Haiti, it is 53%. Which statement best reflects these factors of economic growth in Haiti?
a) Haiti's low investment in human resources lowers the per capita GDP.
b) Haiti has greater opportunity for other capital investments than education.
c) Haiti's per capita GDP would decrease if there was more investment in human resources.
d) Haiti's high investment in human resources lowers the per capita GDP.

Brazil is building new factories and using newer technology. These are examples of ______.
a) opportunity costs
b) gross domestic products
c) investment in human resources
d) investment in capital resources

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