Open Notes Quizz

What is the main role of IGOs (Intergovernmental Organizations)?

• To allow countries to work together on global issues

• To create and enforce laws for member countries.
  

• to control international trade and economic agreements.

• To monitor elections in member countries.
  

Which of the following is a key difference between a market economy and a command economy?

• In a market economy, the government controls all aspects of production and distribution.
  

• A command economy has minimal government involvement, while in a market economy, the government regulates the economy.
  

• In a command economy, the government makes most economic decisions, while in a market economy, individual consumers and producers drive decisions.

• A command economy is based on tradition, while a market economy follows current trends.

Which of the following is an example of a nonrenewable resource in the context of land/natural resources?

• Wind energy
  

• Solar energy
  

• Timber
  

• Coal
  

Which of the following is an immediate effect of terrorism?

• 1. Increased international peace talks.

• Heightened fear and insecurity

• Long-term economic decline.
  

• Strengthened political stability.
  

Which of the following best describes the payment received by labor in the production process?

• Profit
  

• Interest
  

• Wages
  

• 2. Rent

  
  

How do NGOs (Non-Governmental Organizations) help influence international policies?

• By sending military forces to countries with political problems.
  

• By creating their own laws to enforce on countries.
  

• By raising awareness and lobbying governments to adopt certain policies.
  

• By only working with businesses to create economic agreements.
  

How does labor differ from the other factors of production, like land or capital?

• Labor refers only to human physical work, not intellectual contributions.
  

• Labor involves human physical and mental efforts used to produce goods and services.
  

• Labor is a resource that is used only in service industries.
  

• Labor is a non-physical resource that involves the use of tools and equipment.
  

Which of the following is a basic economic question that all economic systems must answer?

• How will the economy grow over time?
  

• Who will control government policy?
  

• 2. What will be produced, how, and for whom?

  
  

• How much tax will be imposed on goods and services?
  

Which of the following is NOT a major cause of terrorism

• Economic inequality
  

• Environmental factors
  

• Religious extremism
  

• Political oppression
  

How do large companies sometimes work with governments to change international trade rules?

• By lobbying governments to change trade agreements in their favor.
  

• By organizing protests against trade rules.
  

• By sending military forces to protect trade routes.
  

• By agreeing to stop making products to follow environmental rules.