Q3 Final Exam Review (Economics) Question Preview (ID: 35868)
Q3 Final Exam Review (Economics).
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(RR2) Which type of economy can be described as one where currency would not likely be used people focus primarily on producing only what they need to survive?
a) Traditional
b) Command
c) Market
d) Mixed
(RR2) Which type of economy can be described as one where producers and consumers are free to make their own economic decisions without any influence from a government?
a) Traditional
b) Command
c) Market
d) Mixed
(RR2) Which type of economy can be described as one where business owners are free to make most economic decisions, but the government does set some guiding rules and regulations for the purposes of public safety?
a) Traditional
b) Command
c) Market
d) Mixed
(RR2) Which type of economy can be described as one in which the existing government makes all economic decisions?
a) Traditional
b) Command
c) Market
d) Mixed
(RR3) In a market economy, 4 Factors of Production are employed to make most goods. The WOOD used to make a birdhouse would be an example of which factor of production?
a) Human Capital
b) Entrepreneurship
c) Physical Capital
d) Natural Resource
(RR3) In a market economy, 4 Factors of Production are employed to make most goods. The CHAINSAW used to cut down trees for wood would be an example of which factor of production?
a) Human Capital
b) Entrepreneurship
c) Physical Capital
d) Natural Resource
(RR3) In a market economy, 4 Factors of Production are employed to make most goods. The BUSINESS OWNER that owns/operates a birdhouse factory would be an example of which factor of production?
a) Human Capital
b) Entrepreneurship
c) Physical Capital
d) Natural Resource
(RR3) In a market economy, 4 Factors of Production are employed to make most goods. The woodworking knowledge/skill of a master carpenter would be an example of which factor of production?
a) Human Capital
b) Entrepreneurship
c) Physical Capital
d) Natural Resource
(RR4-B) When FREE TRADE occurs, consumers will most likely have more choices of goods to choose from at lower prices.
a) TRUE
b) FALSE
c) x
d) x
(RR4-C) When trade barriers are put into place, consumers will most likely have more choices of goods to choose from at lower prices.
a) TRUE
b) FALSE
c) x
d) x
(RR4) If a good is “domestic”, it means that it was made in another country, outside of your own.
a) TRUE
b) FALSE
c) x
d) x
(RR4) If a good is “foreign”, it means that it was made in another country, outside of your own.
a) TRUE
b) FALSE
c) x
d) x
(RR4-B) If “Free Trade” occurs, domestic producers might have to lower their prices to compete with foreign producers. This could hurt the domestic producers ability to make money and could lead to domestic job losses.
a) TRUE
b) FALSE
c) x
d) x
(QR30/RR7) What term is used to describe the type of money people use in a particular country or region?
a) credit
b) debt
c) currency
d) exchange
(RR7/QR30) Why does international trade require a system for exchanging currency?
a) Because all currencies have the same value.
b) Because everyone should know how much a dollar is worth
c) Because all currencies have different values, but the values never change.
d) Because most currencies have different values, which are always changing.
(RR7) Based on the following imaginary exchange rates (compared to 1USD/ $1.00), which of the following currencies is MORE VALUABLE than the US Dollar?
a) $1 / €1.35 (Euro)
b) $1 / ₹7.88 (Chinese Yen)
c) $1 / ₤0.66 (British Pound)
d) $1 / ₦14.08 (Norwegian Kronor)
(RR4) Why would a country put a tariff in place?
a) To make foreign goods seem cheaper
b) To make foreign goods more expensive
c) To make domestic goods less attractive to consumers
d) None of These
(QR34) The United States, Canada, and Mexico established the North American Free Trade Agreement (NAFTA) for what purpose?
a) To create trade barriers like tariffs and quotas.
b) To stop the spread of communism.
c) To protect North America from foreign military invasions.
d) To make trade easier by removing barriers like tariffs.
(QR33) Which of the following would best describe the Canadian economy today?
a) Traditional
b) Command
c) Market
d) Mixed
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