Q2 Final Exam Review (Economics) Question Preview (ID: 34298)


Q2 Final Exam Review (Economics). TEACHERS: click here for quick copy question ID numbers.

RR3 Wood, Coal, Water, Oil are all examples of
a) Physical Capital
b) Natural Resources
c) Entrepreneurial Resources
d) Human Capital

RR3 If a pizza shop owner buys a new oven that can cook better/faster, she would be making an investment in
a) Human Capital
b) Natural Resource Sustainability
c) Physical Capital
d) Guaranteed Money

RR3 Which of the following would be an example of investment in human capital?
a) A business owner paying someone to teach his employees how to work faster.
b) A lumber company planting trees in area that has been deforested.
c) A restaurant purchases iPads for the waiters/waitresses to use.
d) None of these would be an example of investing in human capital.

RR2 In a ________________ economy, hunting, gathering, farming would be the main ways that most people would produce the goods they need to survive.
a) mixed
b) market
c) traditional
d) command

RR4 Which of the following would be an example of a entrepreneurship?
a) a machine in a toy factory
b) an assembly line worker in a toy factory
c) the electricity needed to power the machines in a toy factory
d) the woman that decided to open up a toy factory to make profit

RR2 In a ________________ economy, the government will make ALL of the decisions about what should be produced. North Korea is an example of a country that has this type of economic system.
a) mixed
b) market
c) traditional
d) command

RR2 In a ________________ economy the producers and consumers use the law of supply and demand, without any government rules or regulations, to determine what should be produced.
a) mixed
b) market
c) traditional
d) command

RR2 In a _________________ economy, supply demand may be used to determine what will be produced, but the government may create some economic laws for public safety. For example, the government might make it illegal to sell cocaine.
a) mixed
b) market
c) traditional
d) command

QR18 Today, he United Kingdom, Germany, Russia all have a _________________ economy, because their governments have some, but not total control, of their economies.
a) mixed
b) market
c) traditional
d) command

RR4-4B Which of the following would most likely NOT be a result of free trade, but would be a likely result of protectionism?
a) consumers would have less variety of goods to choose from
b) consumers would have more variety of goods to choose from
c) consumers might be able to purchase goods at a cheaper price
d) producers would be able to sell their goods in countries all over the world

RR4 A(n) _______________ is when a government places a tax on imported goods being sold in their country, to make foreign products less competitive.
a) tariff
b) quota
c) embargo
d) market

RR4 A(n) _______________ is when a government places a limit on the amount of imported goods that can come into the country
a) tariff
b) quota
c) embargo
d) alliance

RR4 A(n) _______________ is when a government bans trade with a certain country. The United States has had one of these in place against Cuba.
a) tariff
b) quota
c) embargo
d) annexation

RR4-4B Why would country put a trade barrier, like a tariff, in place?
a) to make foreign goods more expensive, so domestic consumers will most likely not choose to buy them
b) to make domestic goods seem cheaper, so domestic consumers will most likely choose to buy them
c) Both of These
d) Neither of These

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