Economics Terms Quiz | 24-25

"These are machines, factories, and tools used to make other goods."

• capital goods

• consumer goods

• natural resources

• labor

A(n) _____ is a ban on trading with specific countries.

• embargo

• tariff

• quota

• subsidy

"The skills and talents of workers in a country"

• human capital

• natural resources

• financial capital

• technological capital

Saudi Arabia wants to keep oil prices high, so they meet with other oil-producing countries to agree on limiting oil production. What type of organization are they forming?

• Trade Union

• Cartel

• Consortium

• Alliance

In North Korea, the government decides what goods will be produced, how much they will cost, and who can buy them. What type of economy does North Korea have?

• Market economy

• Mixed economy

• Command economy

• Traditional economy

Maria buys a new phone, some groceries, and pays for a haircut. Which economic role is Maria playing in these transactions?

• Producer

• Consumer

• Investor

• Supplier

Sarah has noticed that there's no good coffee shop near her office, so she takes out a loan to open one. What economic activity is Sarah engaging in?

• Investment

• Entrepreneurship

• Consumption

• Saving

Toyota makes cars in Japan and sells them to Americans. Is this an example of an import or export from Japan's perspective?

• Import

• Export

A country has a GDP of $100 billion and a population of $20 million.

Calculate it's GDP per capita.

• 4,000 per capita

• 5,000 per capita

• 6,000 per capita

• 7,000 per capita

If a country has a 98% literacy rate, what does this tell us about their level of human capital?

• The country has a high level of human capital.

• The country has a low level of human capital.

• The country has an average level of human capital.

• The literacy rate does not affect human capital.