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WorksheetsEconomic-trade barriers and beyond
Total questions: 49
Worksheet time: 43mins
Name
Class
Date
1.
What is one reason that a country could have a high GDP?
a)
Because they have high wages.
b)
Because they have a highly educated population.
c)
Because they have low taxes.
d)
Because they love going to space.
2.
Which of the following is an investment in human capital?
a)
Buying new computers
b)
Paving roads
c)
Purchasing new textbooks
d)
Paying for education and healthcare
3.
What type of economy do most democratic societies have today?
a)
market economy
b)
traditional economy
c)
mixed economy
d)
command economy
4.
A command economy occurs when the _________ is in control of all economic decisions.
a)
society
b)
government
c)
business owner
d)
market
5.
Actions in this type of economy relate to ritual, habit, and customs.
a)
Traditional
b)
Command
c)
Market
d)
Mixed
6.
Free enterprise and no government regulation on the economy
a)
Command Economy
b)
Market Economy
c)
Traditional Economy
d)
Mixed Economy
7.
A tariff....
a)
Encourages people to buy goods made from their country.
b)
Increases trade between other countries.
c)
Stops trade completely.
d)
Only placed to encourage democracy.
8.
Which activity is an example of investing in physical capital by a company?
a)
constructing a new factory
b)
throwing away old delivery trucks
c)
giving workers more time off to rest
d)
training workers to do their jobs better
9.
Which of the following is NOT one of the three basic questions all economic systems must answer?
a)
What goods should be produced ?
b)
What is the price of the goods?
c)
How should the goods be produced?
d)
Who gets to consume the goods?
10.
Which of the following is an investment in human capital?
a)
Buying new computers
b)
Paving roads
c)
Purchasing new textbooks
d)
Paying for education and healthcare
11.
If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____.
a)
desire
b)
demand
c)
supply
d)
scarcity
12.
In this type of economy, the government places control on businesses, but the individual decides what to make.
a)
Mixed
b)
Market
c)
Command
d)
Traditional
13.
Japan mainly produces electronics & automobiles. This is an example of:
a)
Interdependence
b)
Specialization
c)
Trade barrier
d)
Exchange rate
14.
What is a quota?
a)
A government order to stop trade.
b)
A limit placed on imports.
c)
A tax placed on imports.
15.
Japanese auto firms agree to limits set in Washington D.C., on the # of Japanese cars that may be sold in the U.S.
a)
Embargo
b)
Quota
c)
Tarriff
d)
Standard
16.
A free-trade zone means:
a)
You don't have to pay money to get items.
b)
There are no tariffs between the countries in this zone.
c)
Trade happens less often.
d)
Trade does not happen.
17.
Money that people to use to make trade easier is called
a)
credit cards
b)
taxes
c)
tariff
d)
currency
18.
What is a problem with exchanging currency?
a)
People make more money by trading currency.
b)
Most people want to use American dollars to trade.
c)
Banks do not like to exchange their money for other currencies.
d)
It costs more to do business because banks charge fees for exchanges.
19.
In 1962, the United States prohibited all imports and exports to and from Cuba.
a)
Tariff
b)
Embargo
c)
Quota
20.
What happens to GDP when education levels go up?
a)
GDP increases
b)
GDP decreases
c)
GDP stays the same
d)
It is difficult to increase educational levels
21.
GDP is the total value of goods and services
a)
produced all over the world
b)
produced in one month
c)
produced within a nation's borders
d)
produced by a singl company
22.
The measure of the proportion of adult population (15 years and up) which can read and write a simple statement
a)
Education level
b)
Literacy rate
c)
Gross Domestic Product (GDP)
d)
GDP affects economic growth
23.
What are the four types of economies?
a)
command, demand, capitalist, communism
b)
traditional, command, market, mixed
c)
mixed, market, traditional, primary
d)
Natural resources, capital goods, human capital, & entrepreneur
24.
The resources used to produce a good and service are__________________________.
a)
factors of production
b)
factors of pollution
c)
factors of consumption
d)
factors of distribution
25.
Workers and their abilities, talents, training, skills, and knowledge used to produce goods or services is called_______________________.
a)
human (labor) resources
b)
natural (land) resource
c)
capital resources
d)
global resources
26.
The combination of a command and a market economy is ___________________.
a)
mixed economy
b)
command economy
c)
market economy
d)
monopoly
27.
This type of economy is heavily built on subsistence agriculture.
a)
command
b)
traditional
c)
market (demand)
d)
mixed
28.
Most European countries are what type of economy?
a)
Mostly traditional with some government involvement
b)
Mostly market with little government involvement
c)
Mostly mixed with some government regulation of industry
d)
Mostly command with little private citizen involvement
29.
An economy where production, investments, and manufacturing are based on supply and demand.
a)
command
b)
traditional
c)
market (demand)
d)
mixed
30.
Goods used in the production of goods and services. These are the factories, buildings, and trucks that transport the goods/services.
a)
market goods
b)
consumer goods
c)
capital goods
d)
feeling goods
31.
The individuals who are innovative and combine land, labor, and capital in order to make a profit.
a)
labor
b)
capital
c)
entrepreneurship
d)
management
32.
When a country or individual produces a single product that they are good at producing.
a)
diversification
b)
specialization
c)
entrepreneur
d)
human capital
33.
When a country prohibits (does not allow) trade or commerce with another country.
a)
quota
b)
tariff
c)
embargo
34.
Cuba is close to having this type of system.
a)
Market
b)
Command
c)
Traditional
d)
Mixed
35.
Businesses make economic decisions, but the government regulates the businesses to make sure they’re safe and fair.
a)
Market
b)
Command
c)
Traditional
d)
Mixed
36.
Which of the following would be a natural resource?
a)
Plastic
b)
Water
c)
Car
d)
Computer
37.
Business (run by private citizens) determine what goods/services are produced and how they will be made.
a)
Market
b)
Command
c)
Traditional
d)
Mixed
38.
People focus on producing a few things instead of making everything they want by themselves is called...
a)
Economic Resources
b)
Scarcity
c)
Specialization
d)
Human Capital
39.
The amount of a resource, good, or service sellers are willing to sell at possible prices is...
a)
Money Currency
b)
Specialization
c)
Supply
d)
Demand
40.
What is an embargo?
a)
A government order to stop trade.
b)
A limit placed on imports.
c)
A tax placed on imports.
d)
A limit placed on exports
41.
A sixth grade class decides to open a popcorn stand. The stand and the popcorn popper are examples of which factor of production?
a)
natural resources
b)
capital resources
c)
human resources
d)
entrepreneurship
42.
When supply goes up and demand is low, prices go ______
a)
Higher
b)
Lower
c)
Stay the Same
d)
None of the above
43.
This term refers to the limited Supply of something. Ex: Fresh Water in a desert.
a)
Abudance
b)
Scarcity
c)
Quota
d)
specialization
44.
What is a tariff?
a)
A government order to stop trade
b)
A limit placed on imports
c)
A tax placed on imports
d)
A trade barrier used to promote free trade
45.
What increases an country's GDP?
a)
investing in stocks
b)
trade
c)
imports
d)
increasing the four factors of production
46.
What is an embargo?
a)
A government order to stop trade.
b)
A limit placed on imports.
c)
A tax placed on imports.
d)
A free trade zone
47.
What is the currency people use in much of the EU called?
a)
euro
b)
ruble
c)
dollar
d)
pound
48.
What is a problem with exchanging currency?
a)
People make more money by trading currency.
b)
Most people want to use American dollars to trade.
c)
Banks do not like to exchange their money for other currencies.
d)
It costs more to do business because banks charge fees for exchanges.
49.
Why was the European Union was created?
a)
To increase trade barriers
b)
To promote competition among them
c)
To decrease trade among member countries
d)
To create political ties and improve the economy
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