Economics and Government Systems Quiz

What is a traditional economy?

• An economy controlled by the government

• An economy where people grow their own food and make their own goods

• An economy based on technology and innovation

• An economy where decisions are made by the open market

What does GDP stand for?

• Gross Development Product

• Gross Domestic Product

• Global Domestic Product

• General Domestic Product

Which type of government is ruled directly by a king or queen?

• Monarchy

• Democracy

• Autocracy

• Theocracy

What is a nonrenewable resource?

• A resource that is abundant

• A resource that, once used, is gone

• A resource that is always available

• A resource that can be totally replaced

What is a tariff?

• A limit on the amount of a good that can be imported

• A tax added to the cost of imported products

• A ban on certain imports

• A subsidy for exported goods

What is ethnocentrism?

• The belief that one's own culture is superior to others

• The practice of adopting another culture

• The study of different cultures

• The integration of multiple cultures

Which of the following is a characteristic of a command economy?

• Prices are determined by supply and demand

• Production is controlled by private businesses

• The government makes all economic decisions

• There is a high level of competition

A system that relies on customs, history, and time-honored beliefs. Tradition guides  economic decisions such as production and distribution. Depends on agriculture, fishing,  hunting, gathering, or some combination of the above. They use barter instead of money.

• Traditional Economy

• Command Economy

• Market Economy

•Economic decisions are based on customs and beliefs of the past

· Uses bartering to exchange goods

· Examples: tribes in Africa, Inuit in Canada

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

Governments in which religious leaders hold power are known as (WG.14B) 

• Theocracies 
• Monarchies 
• Autarkies 
• Autocracies