Economics Review

What is the sum of all the goods and services produced in a country in one year?

• Great Dividends Produced

• Government Decides Products

• Gross Domestic Products

• Goods Decide Product

What is one problem that Cuba faces in using a command economy?

• Ninety percent of the people work for the government.

• Cuba cannot afford to buy the oil and natural gas it needs.

• The country cannot grow enough sugarcane for its people.

• Too many or not enough products get produced sometimes.

What is one problem of a market economy?

• The price of goods is set by the government.

• Prices for goods can get high very quickly if demands go.

• People know they will have a government job.

• Shortage if the government doesn't predict correctly.

In order to sell more cars, some people want to put a _____ on the number that can be imported.

• Tariff

• Embargo

• Quota

• voluntary exchange voluntary exchange

The main purpose of NAFTA was to ___________.

• Increase trade by creating a large free-trade zone.

• Create tariffs between Canada, Mexico, and the U.S.

• Decrease the standards of living for some.

• Keep people in one country from buying goods from another.

Which is often an effect of a high literacy rate?

• A higher illiteracy rate

• Lower education levels.

• A lower standard of living.

• A higher standard of living A higher standard of living

How does having natural resources help the economy of a country?

• The country is able to produce everything it needs.

• Companies can export all the natural resources.

• The country saves money by not importing these resources.

• Companies spend more money to buy the natural resources.

What is the main difference described between the economies of Canada and Brazil?

• Brazil's government owns and controls a few industries.

• Brazil's government does not make laws to control businesses

• Canada's government owns and controls a few industries.

• Canada's government does not make laws to control businesses.

In the United Kingdom, who decides which goods will be produced and sold?

• the prime minister

• citizens (consumers)

• business owners

• the monarch (queen) the monarch (queen)

What is the currency people use in much of the EU called?

• peso

• ruble

• dollar

• euro