Which of the following would reflect a country with a mixed economy?

A combination of privately-owned industry and government control.

Prices and wages are completely regulated by a country’s government.

A country’s distribution of resources is based on inheritance.

Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.

What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

What is produced, how is it produced, and for whom is it produced?

What to produce, why to produce, when to produce?

What is your opportunity cost, what economic resources are needed, why should these resources be used?

What is your opportunity cost, why are economic resources needed, when should these resources be used?

In a market economy, what most strongly affects the price and quality of goods and services?

competition as well as supply and demand

what is Human Capital?

A worker's skill, knowledge, and experience

Immigration of people into America

Treating yourself to a nice dinner

What does Gross Domestic Product mean?

The total value of all goods and services produced within a country in one year.

The total value of all goods and services a country imports.

The total value of all goods and services a country exports.

The net loss in profits within a country due to imports.

What are the 4 factors that lead to a country’s economic growth?

investment in human capital, investment in physical capital, land (natural resources), entrepreneurship

good international relations, a democratic president, strict laws, freedom of press

a powerful military, strong dictatorial leadership, communist regime, little personal freedom

a monarchy, the World Bank, a parliamentary democracy, personal freedom

Which answer choice below defines literacy rate?

The amount of people over 15 in a country that can read write

Machines, tools, and factories use to make products and goods

The training that workers need to be good at their job

What would be the result of the actions in the sentence below ? A country builds schools and universities and invest in other education programs for its population to attend.

The population will have a high literacy rate

The population will buy more capital goods

The country’s workforce will decrease

What is standard of living?

A measure of how well off the people are in a country

is a measure of the minimum amount of money thought to be adequate for life

A lack of money and basic necessities needed for life

divides the country's GDP by its total population

divides the country's GDP by the number of literate citizens

divides the country's GDP by the total number of voters

divides the country's GDP by its total tax payers

Which is an example of a quota?

The U.S. limits the amount of foreign cars brought into our country.

The U.S. stops trade with China.

The U.S. pays a high tax on BMW cars brought into the country.

Which is an example of a tariff?

A high tax is placed on all diamonds received from Africa.

Japan is allowed to send as many electronic products to the U.S. as they want.

The U.S. freely trades with other countries with no restrictions.

Choose an example of an embargo

The U.S. government stops all trade with China.

Canada and the U.S. have no restrictions on trade.

Ukraine adds an extra fee on imported goods which increases the price of the good.

What is an exchange rate?

The price of one nation's currency in terms of another's

The rate at which goods are exchanged between two countries

How many US dollars you can exchange for RMB at Travelex

The price of goods in terms of a foreign currency

Unit 3 Economics Summative Review

Authored by Lindsay Bacon

Social Studies

6th Grade

Used 18+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Government makes most economic decisions.

Market

Command

Traditional

Mixed

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market and command combined.

Traditional

Command

Market

Mixed

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic decisions based on beliefs and traditions.

Market

Mixed

Traditional

Command

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Government plan determines what is produced.

Market

Mixed

Command

Traditional

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers decide what goods and services are produced.

Command

Traditional

Mixed

Market

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Government sets safety standards and has price controls to protect the worker but allows for private ownership

Mixed

Market

Traditional

Command

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which countries are the most command and market?

Russia and United States

Cuba and Australia

Germany and United Kingdom

Russia and Cuba

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Unit 3 Economics Summative Review

Government makes most economic decisions.

Market and command combined.

Economic decisions based on beliefs and traditions.

Government plan determines what is produced.

Consumers decide what goods and services are produced.

Government sets safety standards and has price controls to protect the worker but allows for private ownership

Which countries are the most command and market?

Which is NOT a basic economic question?

An economic system that allows individuals to start businesses, but still has government regulations is

In my country we have no need for money. By custom, some of us hunt, others farm, and we are all taken care of.

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