Social Studies 2nd 9 Weeks Review

What is the purpose of setting up a tariff?

• To limit the quantity of an item brought into a country

• To prevent too much of a good from entering a country

• To protect a country's own businesses from foreign competition

Why do countries need a system for exchanging currency in international trade?

• To know how much their currency is worth compared to their partner's

• To constantly change the value of their currency

• To charge a fee for exchanging currency

What is the main purpose of an embargo in international trade?

• To prevent too much of a good from entering a country

• To ban trade with a specific nation or group of nations

• To limit the quantity of an item brought into a country

What is the purpose of exchange rates in international trade?

• To charge a fee for exchanging currency

• To know how much a country's currency is worth compared to another

• To make international trade more complicated

What does GDP stand for?

• Great Demand for Products

• Global Development Plan

• Gross Domestic Product

What are productive resources?

• Things we use to make stuff and provide services

• Only tools and equipment

• Only materials from nature

What are natural resources?

• Materials we get from Mars

• Materials we get from the Moon

• Materials we get from the Earth

What is human capital?

• The number of friends a person has

• The amount of money a person has

• The skills and knowledge that people have

What are capital goods?

• Only machines

• Tools and equipment we use to make things

• Only buildings

What is entrepreneurship?

• Investing in stocks

• Starting and running your own business

• Working for someone else