PPPA Review (Economics) Question Preview (ID: 41893)

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Which type of economy is based on customs and beliefs?
a) a traditional economy
b) a mixed economy
c) a market economy
d) a command economy

What do tariffs and quotas have in common?
a) Unlike embargoes, trading still continues with tariffs and quotas.
b) Trade barriers, like tariffs and quotas, only last a year.
c) National governments are not allowed to impose tariffs and quotas.
d) Prices naturally decrease when tariffs and quotas are in place.

What are capital goods?
a) The factories, machinery, and technology used to make other goods
b) The workers who make the goods and services for a particular country
c) The money spent to train and educate workers to use new technology
d) The goods and services that are produces for a country’s economy

During the Persian Gulf conflict, the United States and its allies placed embargoes against the government of Iraq. How did these embargoes affect Iraq?
a) The embargoes weakened the economy in Iraq.
b) The embargoes strengthened the economy in Iraq.
c) The embargoes decreased the price of gold on the world market.
d) The embargoes created a new currency in Iraq.

Many of the oil producing countries cooperate with each other in the Organization of Petroleum Exporting Countries (OPEC). How does this enable these countries to play a significant role in world affairs?
a) OPEC influences the price of oil on the world market.
b) OPEC promotes government stability around the world.
c) OPEC uses oil profits to promote human rights in member nations.
d) OPEC maintains a military force in the Middle East.

What conclusion can be made based on the impact of a country’s literacy rate?
a) Higher literacy rates generally have a higher standard of living.
b) The lower the-per capita GDP, the higher the literacy rate.
c) Literacy has no impact on a country’s standard of living.
d) Literacy has a positive impact on life expectancy.

Under Mao Zedong’s leadership, the government of China seized control of privately owned factories and land, and made all economic decisions. This was an example of which economic system?
a) a command economy
b) a traditional economy
c) a market economy
d) a mixed economy

For most of Japan’s history, they were isolated from the rest of the world. Which of the following BEST explains why Japan has become an active member in the global market?
a) Limited natural resources forced Japan to seek raw materials from foreign markets.
b) Religious leaders instructed the emperor to become Christian and westernize.
c) The government became communist and established ties with the Soviet Union.
d) The government needed foreign military intervention to stop a civil war.

46. India exports precious stones to other countries around the world. With the money India receives, they buy steel products from Vietnam. This international trade is a result of :
a) specialization
b) trade barriers
c) capitalism
d) communism

Which of the following must be present in order for international trade to be successful?
a) a system for exchanging currencies
b) a system for imposing protective tariffs
c) a system for securing national borders
d) a system for raising taxes

Japan has a high-tech economy and a highly skilled workforce. Japan also has one of the highest standards of living in the world. Which of the following accounts for Japan’s high standard of living?
a) Japan invests heavily in human capital and capital goods.
b) Japan has a communist economy.
c) Japan has many natural resources.
d) The Japanese government places embargoes on other countries’ goods.

Money that is earned regularly from work is called:
a) income
b) savings
c) spending
d) credit

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