Economics Unit Test Review

Front

The country of Liberia seeks to improve its standard of living. Which program could assist them in accomplishing that goal? A program that teaches workers how to handle money, A program that increases the number of police in the country, A program that builds more airplanes, A program that assists adults in learning to read and write

Back

A program that assists adults in learning to read and write

Front

Afghanistan, South Sudan and Mali all have literacy rates below 50%. What is the most likely effect of such low literacy rates?

Back

These nations will have a relatively low standard of living.

Front

Based on the Literacy Rate of Europe map, what can you conclude about the average European's standard of living?

Back

He/she has a much higher socio-economic status, much better health, and much better employment prospects than people of a nearby continent.

Front

What conclusion can be supported by the data in the table? Options: The standard of living is higher in most European countries than in most Latin American countries., Countries that have higher literacy rates always have lower GDPs., GDP per person has no clear connection to literacy rates., Citizens in Venezuela have the lowest standard of living.

Back

The standard of living is higher in most European countries than in most Latin American countries.

Front

What is the Gross Domestic Product (GDP)?

Back

the value of goods and services produced in a country

Front

What is an entrepreneur?

Back

Small business owners that have found a specific good or service to provide.

Front

You want to start an ice cream business. You already own or have access to the following: -Land to build your store on, land that is full of salt that can be mined, land that can be used for grazing cows for fresh cream. Which type of resource do you already have available to you?

Back

Natural Resources

Front

What is the relationship between investments in human capital and Gross Domestic Product (GDP)?

Back

A well-trained work force contributes to a higher GDP

Front

Which activity is an example of investing in human capital by a company? Options: A clothing manufacturer purchasing new and better sewing machines and fabric, A computer company training its employees to use the computers, A logging company planting new trees, A waiter serving food and drinks in a restaurant

Back

A computer company training its employees to use the computers

Front

In what ways does Oprah contribute to economic growth?

Back

Oprah can provide jobs.