Chapter 13 Quiz #1 PF

What is specialization?

• It's when a person chooses to specialize in one career field but it ends up harming their economy.

• It's when a capitalist nation decides to focus its efforts on producing only 7 types of services.

• It's when a country focuses its efforts on producing a limited variety of goods or services.

• It's when an economy is completely self-sustaining.

An extreme result of free-market capitalism without government regulation is referred to as . . .

• A monoploy

• Capitalism

• Socialism

• A mixed economy

Whether a country is developed or developing depends on . . .

• The age of their country and when their economy plans to retire

• The country's per capita income, standard of living, technology, education, personal freedom and poverty level

• The amount of native people living in the country at the time of development

• Their overall population and how quickly their country is currently growing

_____________ never really works for an economy because there's little innovation and no reward for starting a business, as well as an unmotivated labor force because workers are often assigned jobs.

• Capitalism

• Socialism

• Market economy

• Monopoly

Socialism is an example of a ____________ economy where the _____________ is/are at the center.

• Market; people

• Free; monopoly

• Specialized; market

• Command; government

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

_______________ is the science of the whole economy, while is the study of people, individual businesses, or markets.

• Global economics; microeconomics

• Macroeconomics; global economics

• Macroeconomics; microeconomics

• Microeconomics; macroeconomics

The U.S. is mostly a . . .

• Focused economy

• Free market

• Demand

• GDP

Every country has a unique ____________ that includes its leadership, the way it makes decisions, and how the country's citizens buy stuff.

• Economic system

• Entreprenuership

• Supply and demand

• Command economy

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Inflation, deflation, the rate of economic growth, price levels, national income, changes in employment rates, and GDP are all called . . .

• Stock markets

• Global economy

• Developing countires

• Economic indicators

You can depend on the people in power to either make you wealthy or make you poor.

• True

• False

Tags

CCSS.RL.2.6

CCSS.RL.8.3