The World's Economies

The World's Economies

Multiple Choice

Food, Shelter, Water, Clothing =

• wants

• needs

• capital

• labor

Multiple Choice

Internet, Cell Phones, Vehicles, Toys

• wants

• needs

• capital

• resources

Multiple Choice

________ are the supplies that are used to meet our wants & needs.

• Productivity

• Economies

• Resources

• Sustainability

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Multiple Choice

The power to do work =

• capital

• energy

• labor

• standard of living

Multiple Choice

Resources that can be totally replaced or always available naturally =

• renewable resources

• nonrenewable resources

• capital resources

• tradeable resources

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Multiple Select

Which of these are renewable resources? Select all that apply.

• water & trees

• solar energy

• coal & oil

• wind energy

Multiple Select

Which of these are nonrenewable resources? Select all that apply.

• oil

• coal

• natural gas

• nuclear energy

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Multiple Choice

The value of what you give up to acquire (get) something else = _______ cost.

• capital

• productivity

• opportunity

• tradeable

Multiple Choice

Reading a book versus spending time on the internet is an example of...

• free trade

• opportunity cost

• standard of living

• economic system

Multiple Choice

How a society decides on ownership & distribution of its economic resources =

• productive system

• resource system

• economic system

• manufacturing system

Multiple Select

What are the 3 basic economic questions?

• What should be produced?

• How should it be produced?

• How should it be distributed?

• What is the supply & demand?

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Multiple Choice

The United States has what type of economy?

• Market

• Command

• Traditional

• Mixed

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Multiple Choice

What factor of production does the pic show?

• land

• capital

• labor

• equipment

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Multiple Choice

GDP measures the _____ dollar value of all final goods & services produced in a single year.

• total

• trade

• partial

• restricted

Multiple Choice

Standard of ______ is the level of income, comforts and services available to people (or nations).

• life

• living

• performance

• productivity

Multiple Choice

Measurement of what is produced and what is required to produce it =

• sustainability

• productivity

• standard of living

• economic system

Multiple Choice

All nations must find a way to ______ with one another (look at the labels on your clothes and shoes).

• embargo

• quota

• interact

• sustain

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Multiple Choice

Fees (tax) that are added to a product being imported in =

• quota

• trade tax

• tariff

• embargo

Multiple Choice

Often times a tariff is added to persuade people to buy products made in their own country.

• True

• False

Multiple Choice

A ______ sets a limit on the amount of a good being imported in.

• quotation

• embargo

• quota

• tariff

Multiple Choice

An official ban on trade with a particular country =

• quota

• embargo

• encroachment

• tariff

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Multiple Choice

Working to create conditions where all natural resources for meeting the needs of society are available =

• productivity

• standard of living

• economic system

• sustainability

Multiple Choice

The Once-ler was NOT able to ensure ___________ because he cut down all of the Truffula trees.

• productivity

• sustainability

• currency

• economy