Unit 6 Economics

Which of the following is an example of a Capital Good?

• Coal

• A shovel

• A mine worker

• All of the above

Which type of economic system is used in the US?

• Traditional

• Market

• Command

• Mixed

Which of the following countries was part of NAFTA?

• Argentina

• Mexico

• Guatemala

• Nicaragua

Which portion of the Circular Flow Model provides labor and purchases goods/services?

• Government

• Households

• Businesses

Why might countries export goods?

• They don't have enough leftover goods

• They need foreign currency

• To provide jobs

What is used to measure a countries wealth?

• GDP

• Demand

• Supply

• Trade

What barrier to trade limits the amount of a good that can be imported?

• Tariff

• Quota

• Embargo

Which country does NOT have a mixed economy?

• India

• Canada

• North Korea

• South Korea

What is the goal of all producers in an economy?

• Increased profit

• More competition

• End scarcity

• None of the above

What do businesses NOT contribute to the Circular Flow Model?

• Goods/services

• Income

• Resources

• Taxes