
SS8B Exam Review
Flashcard
•
Social Studies
•
6th - 8th Grade
•
Practice Problem
•
Hard
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34 questions
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1.
FLASHCARD QUESTION
Front
How does the Federal Reserve manage inflation?
Back
The Federal Reserve manages inflation primarily through monetary policy by adjusting interest rates.
2.
FLASHCARD QUESTION
Front
Why is there interdependence among nations?
Back
Interdependence among nations exists because each nation has limited and unique resources
3.
FLASHCARD QUESTION
Front
What is the relationship between education and earning potential?
Back
Education is positively correlated with earning potential.
4.
FLASHCARD QUESTION
Front
What is gross domestic product?
Back
Total monetary value of all finished goods and services produced within a country's borders in a specific time period.
5.
FLASHCARD QUESTION
Front
What is the purpose of international trade?
Back
The purpose of international trade is to increase efficiency, economic growth, and standards of living by allowing countries to specialize in producing goods and services where they have a comparative advantage.
6.
FLASHCARD QUESTION
Front
What are the characteristics of a command economy?
Back
Central planning, government control over resources, production, and distribution.
7.
FLASHCARD QUESTION
Front
What is a mixed market economy?
Back
A mixed market economy combines elements of the free market with some government intervention.
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