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WorksheetsEurope Economics Voc.
Total questions: 25
Worksheet time: 14mins
A country that has aspects of a market economy plus a command economy is called a ___________.
Traditional Economy
Command Economy
Market Economy
Mixed Economy
In which economic system are entrepreneurs MOST likely to exist?
Command Economy
Market Economy
Traditional Economy
Communist Economy
What are the advantages and disadvantages of a command economy?
The government provides for basic needs, but choice is limited.
The government is not involved in production, consumption, or distribution. Many choices available
Mix between government control and private business. Limited government regulation of industry.
Businesses are based on tradition and choices are limited. People barter for goods.
The diagram shows an economic continuum. Which letter on the continuum represents where a Pure Market economy would most likely be located.
<-----A------B------------------------------C---------------------------------D-->
Total Government No Government
Control Control
A
B
C
D
Why is it important for a country to invest in human capital?
All humans need capital to survive
Starting your own business is good for the economy
Countries that invest in the education and training of their people usually have a higher GDP
Countries that invest in new technology and machinery produce more and have a higher GDP
Which is an example of a quota?
China allows only 345,000 Ford Mustangs into their country each year.
China charges 7.9% tax on Ford Mustangs imported into their country.
China refuses to buy Ford Mustangs from the USA.
China puts a tax on all exports to the USA.
Which is an example of an embargo?
China allows only 345,000 Ford Mustangs into their country each year.
China charges 7.9% tax on Ford Mustangs imported into their country.
China refuses to buy Ford Mustangs from the USA.
China puts a tax on all exports to the USA.
Which is an example of an tariff?
China allows only 345,000 Ford Mustangs into their country each year.
China charges 7.9% tax on Ford Mustangs imported into their country.
China refuses to buy Ford Mustangs from the USA.
China puts a tax on all exports to the USA.
What does it mean for a business to specialize in a particular good or service?
Countries should import resources to produce their goods at higher prices.
Countries should use their own resources to produce goods more efficiently and at lower prices.
Countries should produce as many different things as they can. They should be good at everything.
Countries should not worry about specialization because it leads to increased prices and less competition.
Lisa started a small business selling t-shirts. She used her home as the place to start the business. She purchased the shirts from a company in Haiti. After selling a large amount of t-shirts, Lisa hired her cousins to help package and ship the t-shirts to customers.
In this scenario, Lisa would be an example of a(n) ________________.
Entrepreneur
Natural Resource
Human Capital
Physical Capital
In this scenario, the cousins that helped package and ship the t-shirts are examples of _____________.
Entrepreneur
Natural Resource
Human Capital
Physical Capital
The soil and water used to grow the cotton to make the t-shirts are examples of _________________.
Entrepreneur
Natural Resource
Human Capital
Physical Capital
Which are examples of physical capital?
Iron ore, silver, wood, diamonds.
On the job training, public education.
Technology, machinery, buildings, tools.
Starting your own business or inventing something new.
How does literacy rate affect standard of living?
It has no effect.
The lower the literacy rate the higher the standard of living.
The higher the literacy rate the higher the standard of living.
The higher the literacy rate the lower the standard of living.
What is standard of living?
The level of material comfort as measured by the goods, services, and luxuries available to an individual, group or nation.
The level of goods measured by how many individuals, groups, or nations export each year.
The measure of how long you live.
The measure of how long you stay in school.
What is Gross Domestic Product?
The value of all goods and services imported into a country in a year.
The value of all the services provided within a country in a year.
The value of all goods produced in a country in a year.
The value of all goods and services produced in a country in a year
