Economics 7th Grade SS Guided Review Question Preview (ID: 30459)


Guided Review Questions For Georgia's 7th Grade Social Studies Standards. TEACHERS: click here for quick copy question ID numbers.

LEARN: A Traditional Economy is based on producing the same product (crop) as your ancestors have from generation to generation. NOW ANSWER: When a company or nation focuses on producing one product.
a) Specialization
b) Subsistance
c) Socialism
d) Speculation

LEARN: A company or nation that specializes is focusing its efforts on one product. NOW ANSWER: What type of economy has people producing the same things in the same way as the generations before?
a) Traditional
b) Command
c) Market
d) Mixed

LEARN: Countries sometimes use a method of punishing a country called Embargo because it stops all trade. NOW ANSWER: When a company buys a new factory, repairs equipment, updates machinery, etc. it is called?
a) human capital
b) investment capital
c) income
d) savings

LEARN: Investment Capital describes the process of spending money to buy new or repair equipment so that producation improves. NOW ANSWER: What is it called when a country stops all trade with another country for the purpose of punishing it?
a) Quota
b) Embargo
c) Tariff
d) Speculation

LEARN: Trade Barriers act as a way to reduce the influence imports have on a country's economy. NOW ANSWER: What type of trade barrier establishes a limited amount of imports?
a) embargoes
b) tariffs
c) quotas
d) infrastructure

LEARN: A Quota establishes a limited amount of imports into a country. NOW ANSWER: Methods used to reduce the role of foreign imports on a country's economy is called?
a) exports
b) speculation
c) trade barriers
d) infrastructure

LEARN: A tax on goods coming into a country (imports) is called a tariff. NOW ANSWER: What is a trade barrier that sets a limit on the number of imports of a certain product?
a) exports
b) income
c) tariff
d) quota

LEARN: The three basic economic questions are: What to produce, How to produce, and for whom to produce. NOW ANSWER: What trade barrier increases a products price due to placing a tax on the imported item?
a) subsistence
b) infrastructure
c) quota
d) tariff

LEARN: The level of living at or below the ability to survive is called subsistence. NOW ANSWER: Which of these include the three basic economic questions?
a) how much to pay, where to shop, when are sales
b) who to produce for, what you should produce, how you should produce an item
c) Where a store should be, how much employees should be paid, what to produce
d) who should be hired, where the factory should be located, how much to invest

LEARN: Human Capital is improved when there is an investment for trainging and educating the employees. NOW ANSWER: What is the term used to describe barely making a living (struggling to survive)?
a) subsistence
b) speculation
c) infrastructure
d) standard of living

LEARN: A Market Economy is where Supply and Demand and the businesses and the public all combine to determine prices of products. NOW ANSWER: What is improved by sending employees to further training for their job?
a) infrastructure
b) investment capitoa
c) human capital
d) entrepreneur

LEARN: A Command Economy has most of the economic decisions decided by people in the government. NOW ANSWER: What type of economy has prices determined by the people involved in buying and selling?
a) Traditional
b) Command
c) Mixed
d) Market

LEARN: A person who takes a risk and invests his time, money, and effort towards a new business is called an Entrepreneur. NOW ANSWER: The government decides the answers to the 3 Basic Economic Questions inside which economy?
a) Traditional
b) Command
c) Mixed
d) Market

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