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WorksheetsVocabulary Study Guide 1 2022
Total questions: 10
Worksheet time: 15mins
What does an economic continuum show?
a country’s GDP
the number of trade barriers in an economy
The degree of specialization in a country
The degree of government control verses market control in an economic system
In a Traditional economy, people use __________ instead of currency.
cash
bartering
paper
coins
The Gross Domestic Product of a country is
the total value of all goods that are natural resources
the total value of all goods imported into a country in a year
the total value of all goods & services produced in a country in a year
the total value of all goods & services bought by people in a country in a year
Why would America put a quota on a Chinese made pencil?
To increase the tax on imported goods.
To protect the forests from being used up as wood for the pencils.
So that Chinese government will trade more with America.
So that Americans will end up buying America made pencils when the Chinese made pencils are sold out.
An economic system tells a country
what to produce
how much to produce
for whom to produce it
all of the above
How much one country currency is worth in another is called ____________.
trade
exchange rate
credit
economies
In N. Korea, Kim Jong-Un has total control of the government. This is a(n)__ form of government.
oligarchic
theocratic
democratic
autocratic
Iran's head of state or Supreme Leader is an Islamic cleric (priest) appointed for life. He runs what form of government?
oligarchic
theocratic
democratic
monarchy
In Nigeria, the power is divided between the central and the local governments. Nigeria has a(n) __________________ system of government.
federal
autocratic
theocratic
unitary
Which form of payment is not credit (borrowing money)?
Car loan
School loan
Cash
Credit card
