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WorksheetsEconomy Benchmark 2 Review
Total questions: 13
Worksheet time: 7mins
Name
Class
Date
1.
The government makes all the economic decisions
a)
market
b)
command
c)
traditional
2.
In Cuba the government makes all economic decisions, this makes them a:
a)
market
b)
command
c)
traditional
3.
Specialization in one product means that a nation must master one product and trade it with other nations.
a)
True
b)
False
4.
North America Free Trade Agreement
a)
NAFTA
b)
OPEC
c)
EU
d)
USA
5.
increase trade between Mexico, Canada, and the United States
a)
OPEC
b)
NAFTA
c)
EU
6.
People taking risks to invent new products and start new businesses
a)
literacy rate
b)
standard of living
c)
entrepreneurship
7.
If a country has a high standard of living, they will have a high GDP (Gross domestic product).
a)
True
b)
False
8.
The amount of goods a country makes in a year
a)
GDP
b)
Standard of living
c)
literacy rate
9.
tax places on imported goods to help protect local goods
a)
tariff
b)
quota
c)
embargo
d)
physical trade barrier
10.
An investment (money put into) in human and physical capital will increase a country's GDP
a)
True
b)
False
11.
If a country has mostly government control but starts to allow citizens to start business, this explains
a)
most countries have a mix of market and command
b)
government controls all economic decisions
c)
market economies are controlled by the governments
12.
Helps a country make products and sell them to other countries
a)
GDP
b)
Physical Trade Barriers
c)
natural resources
13.
What makes trade between countries easier
a)
literacy rate
b)
trade barriers
c)
embargos
d)
a system to exchange currencies
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