Unit 1: Economics, Silk Road and Globalization

The U.S government has increased its influence on the economy by… Choose all that apply.

• imposing taxes.

• creating government agencies.

• creating laws.

• limiting its influence on the economy.

A main feature of a traditional system is… Choose two correct answers.

• A barter system.

• Imposing taxes

• Goods produced by families.

In a command system, who determines the answer to what, how, and for whom things should be

produced?

• Customs and past ways.

• Individuals.

• Government.

• Individuals and government.

In a mixed system, who determines the answer to what, how, and for whom things should be

produced?

• Customs and past ways.

• Individuals.

• Government.

• Individuals and government.

The ___________________ says that as the price of an item goes up, people will buy

less. The law also says that as the price of an item goes down, people will buy more.

• Law of Supply

• Law of Demand

• Law of Competition

• None of the above

What are the four factors of production?

• Land, labor, capital, entrepreneurs

• Labor, capital, services, entrepreneurs

• Capital, services, land, entrepreneurs

Which of the following are examples of capital resources? Choose two correct answers.

• Minerals and nutrients

• Car Factory

• Printing Press

• Factory worker

How do some companies decrease their cost of production to make their products more affordable?

• Lobbying politicians to keep minimum wage low.

• Limiting the number of raises given to employees each year.

• Outsourcing labor to other countries.

How can our interconnectedness to other countries improve the standard of living? Choose all that apply.

• Blending of cultures can lead to less individuality.

• Providing different, innovative products.

• Governments can work together and share knowledge.

What made silk valuable?

• Only the Chinese knew how to make it.

• Syrian wool was too itchy.

• Indian cotton was too expensive.

• Only the Romans wanted to buy it.