Unit 4 - Economics RETEST

Front

What is a benefit (good thing) of the free enterprise system in the United States?

Back

Ownership of private property is allowed.

Front

Which economic system is found in both the United States and Canada? Options: Market, Command, Trade, Socialist

Back

Market

Front

Which characteristic is most associated with developed economies (high HDI)? Options: low literacy rates, high amounts of air pollution, low life expectancy, high per capita GDP (per capita income)

Back

high per capita GDP (per capita income)

Front

Based on the graph, which nation most likely has the highest gross domestic product (GDP) per capita? Options: Guinea, Zambia, Cambodia, Australia

Back

Australia

Front

Private ownership of goods and services : capitalism :: Government ownership of goods and services : ??

Back

Communism

Front

A nation with a high per capita GDP most likely has...

Back

A highly developed economy (tertiary plus+).

Front

What is the BEST title for the list: -Literacy -Life Expectancy -Gross Domestic Product per Capita?

Back

Indicators of Economic Development (HDI)

Front

Which of the following statements MOST accurately uses the term "entrepreneur"? An entrepreneur lends money to investors. An entrepreneur takes on the risks of starting a new business. An entrepreneur determines the demand for his/her product. An entrepreneur creates sales tax rates.

Back

An entrepreneur takes on the risks of starting a new business.

Front

Which of these occupations would you most likely find in a traditional economic system? Airline pilot, Banker, Farmer, Scientist

Back

Farmer

Front

What effect would a shortage (not enough) of entrepreneurs likely have on the United States? Options: More jobs would be created, Fewer businesses would be started, Sales taxes would be eliminated (removed), Literacy rates would go up

Back

Fewer businesses would be started