Q4 Test #1 (Economics) Question Preview (ID: 37020)


Q4 Test #1 (Economics). TEACHERS: click here for quick copy question ID numbers.

In this type of economic system the government makes ALL economic decisions. (RR2)
a) market
b) capitalist
c) command
d) traditional

In this type of economic system producers and consumers are free to make their own economic choices without ANY government interference. (RR2)
a) market
b) communist
c) command
d) mixed

In most countries, producers and consumers are free to make most of their own economic choices, but the governments make some economic rules for the purpose of public safety. What do we call this type of economic system? (RR2)
a) market
b) command
c) communist
d) mixed

Which of the following would be an example of investment in physical capital? (RR3/QR43)
a) A delivery company buys faster trucks.
b) A delivery company plants trees.
c) A delivery company hires someone to train it's workers to load trucks faster.
d) None of These

Which of the following would be an example of how an entrepreneur could improve the Gross Domestic Product (GDP)? (QR43-Infer)
a) closing down a factory
b) giving people jobs so they can have money to spend
c) firing workers
d) None of these would help the GDP

What is a tariff and why would a government put one in place? (RR4/4-B and C)
a) a limit on the amount of imported goods that can come into a country - to make foreign goods cheaper
b) a limit on the amount of imported goods that can come into a country - to make foreign goods more expensive
c) a tax on imported goods - to make foreign goods cheaper
d) a tax on imported goods - to make foreign goods more expensive

Which of the following would be an example of investment in human capital? (RR3/QR43)
a) A business owner paying someone to teach her 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.

Which of the following would most likely be a result of protectionism with trade barriers, but would NOT be a likely result of Free Trade? (RR4B and C)
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

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

The total value ($) of all goods and services produced in a country in a year. It is used to determine the economic strength of a country. (QR43)
a) Gross National Income (GNI)
b) Gross Domestic Performance (GDP)
c) Gross Domestic Product (GDP)
d) Gross Democratic Principle (GDP)

If a country commits to investing 10% more in human capital by providing public education to its citizens, what effect would they expect that investment to have on the GDP? (QR43)
a) The GDP would decrease/go down
b) The GDP would stay the same
c) The GDP would increase/go up
d) None of These

“I live in a hut that my family and I made of things we gathered from our surrounding environment. We don’t use currency, so we have to make or trade for the things we need to survive.” (RR2)
a) market
b) command
c) traditional
d) mixed

When a country focuses on producing only what it can produce most efficiently (fast cheap) (QR42)
a) Specialization
b) Investment
c) Interest
d) Credit

A limit on the amount of foreign goods that can be imported into a country. (RR4)
a) tariff
b) embargo
c) quota
d) industrialization

Every country in the world today has some form of mixed economy. Of the following countries, which has an economic system closest to a command economy? (QR44-A)
a) Mexico
b) Brazil
c) Cuba
d) Canada

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