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ECONOMICS

Total questions: 32

Worksheet time: 2hrs 38mins

Name
Class
Date
1.
Economic system in which customs and ways of the past determine what is produced, how it's produced, and for whom it is produced.
a)
traditional economy
b)
command economy
c)
mixed economy
d)
market economy
2.
Economic system in which supply and demand determines what to produce, how to produce, and for whom to produce as buyers and sellers have to freedom to do business without any government interference.
a)
market economy
b)
command economy
c)
traditional economy
d)
communist
3.
A __________ is a tax on goods and services.
a)
quota
b)
tariff
c)
embargo
d)
subsidy
4.
When a government sanction prohibits trade between nations.
a)
embargo
b)
 quota
c)
tariff
d)
subsidy
5.
Trade barrier that is a legal limit on goods and services.
a)
tariff
b)
quota
c)
embargo
d)
subsidy
6.
--Embargoes
--Quotas
--Subsidies
--Tariffs

Which would be a good title for this list?
a)
"Rule of War"
b)
"Benefits to Consumers"
c)
"Obstacles to Free Trade"
d)
"International Diplomatic Tools"
7.
The countries of the European Union place a limit of 5,000, Japanese automobiles allowed to be imported into its member countries per month. 
This is known as a(n) 
a)
embargo
b)
tariff
c)
quota
d)
subsidy
8.
--ditch digger
--computer programmer
--international financier
All of these are examples of
a)
natural resources
b)
entrepreneurship
c)
human capital
d)
capital goods
9.
Machines, computers, assembly lines, technology, etc. are all examples of 
a)
human capital
b)
capital goods
c)
natural resources
d)
entrepreneurhsip
10.
Job training, education, healthcare, math skills, etc. are all examples of 
a)
capital goods
b)
natural resources
c)
entrepreneurship
d)
human capital
11.
Things that come from nature. Gifts of nature
a)
natural resources
b)
entrepreneurship
c)
capital goods
d)
human capital
12.
One who takes a risk by starting their own business is considered a(n)
a)
natural resource
b)
entrepreneur
c)
human capital
d)
capital goods
13.
All of the following are examples of human capital EXCEPT
a)
coal and natural gas
b)
going to law school
c)
manager training for your new position
d)
taking computer classes to improve typing skills
14.
All of the following are examples of capital goods EXCEPT
a)
the assembly line
b)
factories
c)
hydroelectric generators
d)
computer training 
15.
Europe was hurt by the financial crisis in 2008. High unemployment hit all areas of the population. However, the group that was hit the hardest were young people, ages 18-25 years of age. Many of these young people ended up leaving and moving to other areas looking for work. Many new initiatives and educational programs in the European Union are aimed at young people to give them better educational and vocational skills.

What is the European Union making an investment in to help improve the lives of the young people?
a)
human capital
b)
entrepreneurship
c)
capital goods
d)
natural resources
16.
Nations across the world have to do a system of _________________ in order to do international trade with one another due to not having the same currency
a)
currency exchange
b)
foreign exchange
c)
voluntary trade
d)
bartering
17.
Percentage of the population over the age of 15 that can read and write.
a)
literate
b)
literacy rate
c)
standard of living
d)
nationalism
18.
Communism and socialism are usually found in what type of economic system?
a)
traditional
b)
pure market
c)
mixed
d)
command
19.
In Ford Motor Company, the assembly line and the production factory would be examples of ______________.
a)
natural resources
b)
capital goods
c)
human capital
d)
entrepreneurship
20.

A woman earning her Master's Degree in order to get a better education to improve her position within a company is an example of ___________________.

a)

entrepreneurship

b)

capital goods

c)

human capital

d)

natural resources

21.

Which of the following economic systems would most likely be associated with the native tribes of Australia in this images?

a)

command

b)

traditional

c)

market

d)

mixed

22.
In a command economy, how are the prices of goods and services determined?
a)
business owners
b)
the central government
c)
supply and demand in the market place
d)
independent agencies and independent regulators
23.

_____________________ is the percentage of people in a nation age 15 years or older that can read and write.

a)

Literacy rate

b)

Literacy percentage

c)

Standard of living

d)

Gross Domestic Product (GDP)

24.

Colombia's GDP per capita (measured in US Dollars)


1980: $ 1,670

1990: $ 4,800

2000: $ 8,100

2010: $ 15,700


Using the information provided, which statement is MOST likely correct regarding Colombia's economy?

a)

The standard of living had declined (lowered).

b)

More citizens of Colombia have moved to the U.S.

c)

Colombia has invested in the education of its citizens over the course of time

d)

The unemployment rate in Colombia has reached all time highs

25.

Adult Literacy Rates

Brazil - 86.9%

El Salvador - 78.7%

Belize - 86.5%

Uruguay - 97.6%

Ecuador- 91.4%


Which of the following countries listed would have the HIGHEST standard of living among its citizens?

a)

Ecuador

b)

Brazil

c)

Nicaragua

d)

Uruguay

26.

Adult Literacy Rates

Brazil - 86.9%

El Salvador - 78.7%

Haiti - 56.5%

Uruguay - 97.6%

Ecuador- 91.4%


Which of the following countries listed would have the LOWEST standard of living among its citizens?

a)

Brazil

b)

Haiti

c)

El Salvador

d)

Peru

27.

Which of these terms is the BEST synonym for the word "entrepreneur"?

a)

"business owner"

b)

"home owner"

c)

"student"

d)

"employee"

28.

If a nation has a high literacy rate, they will generall have a _______ standard of living.

a)

high

b)

low

29.

If a nation has a low literacy rate, they will generall have a high standard of living.

a)

TRUE

b)

FALSE

30.

What is the name of the organization between Canada, United States, and Mexico that eliminated tariffs and promoted free trade?

a)

North Atlantic Treaty Organization (NATO)

b)

United Nations

c)

Axis Powers

d)

North American Free Trade Agreement (NAFTA)

31.

Which of the following countries would citizens have the MOST economic freedom?

a)

Cuba

b)

Mexico

c)

Brazil

32.

Based off of the information from the graph, which of the following statements would MOST LIKELY be true?

a)

Investing in your education will lead to high rates of unemployment

b)

Investing in your education will increase your lifetime earning and your overall standard of living

c)

Uneducated people tend to earn more money in their lifetime

d)

Decreased earnings are a result of the increasing number of immigrants into the U.S.

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