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WorksheetsReview Economy --Show me the money!!
Total questions: 39
Worksheet time: 46mins
Which of the following is NOT a question that all economies must answer?
For whom to produce?
When to produce?
How to produce?
What to produce?
What was the main reason for creating the European Union?
Countries believed that by working together they would be more powerful and have stronger economies.
Smaller countries are able to meet the needs of citizens better than large countries.
There were too many languages in Europe to form one large government.
Workers in Europe were not being treated fairly.
What is one benefit of the euro in the European Union?
Everything costs less when using euros.
Euros are worth more than other currencies in the world.
It is easier for people and businesses from different countries to trade.
Exchanging money is easy in Europe so there is really no benefit to the euro.
What is an advantage of specialization?
A factory can produce more goods in less time and for less money.
Businesses cannot sell as many types of goods when they specialize.
Factories cannot produce goods as quickly.
Workers do not become experts in their jobs.
Which is a way that entrepreneurs help increase a country's GDP?
Closing businesses that are making too much money.
Creating businesses that give people jobs.
Working to decrease the amount of goods sold in a country.
Writing laws to protect personal property.
Which of the following statements best describes the effect of a literacy rate?
A high literacy rate usually results in a decreased GDP.
A high literacy rate usually results in a low standard of living.
A low literacy rate usually results in a higher GDP.
A low literacy rate usually results in a low standard of living.
What is a tax on imported goods called?
embargo
free trade zone
quota
tariff
Why do countries need to exchange currencies?
Because banks do not like to exchange their money for other currencies.
Because people want to use American dollars to trade.
To allow countries to limit their trade with other countries.
To buy and sell goods and services with other countries.
Only 25,000 cars are allowed to be imported into Japan. Which of the following trade barriers is being described?
embargo
quota
tariff
The United Kingdom Customs service has found toxic paint in toys imported from a Chinese toy-making company. These toys are intended for sale in the UK. What type of trade barrier would guarantee that no child in the UK would be exposed to the deadly lead-based paint?
embargo
quota
tariff
As a member of the Eurasian Economic Commission (EEC), the Russian Federation places a 15% tax on beef products that are imported from nations who are not included in the EEC. Which of the following trade barriers is being described?
embargo
quota
tariff
When Russian invaded and claimed part of Ukraine in March 2014, the European Union placed sanctions, including economic restrictions on Russia in response to this action. The restrictions include a ban on military goods and some technologies. Which of the following trade barriers is being described?
embargo
quota
tariff
Which of the following is an example of investing in human capital?
Russia has invested billions in updating machines and factories since the collapse of the Soviet Union.
The UK and Germany provide public education to their citizens.
The UK and Germany invest billions to keep their machines and factories up to date.
Russia expects to harvest up to 100 million tons of grain in 2018.
Which of the following is an example of investing in capital goods?
Russia has invested billions in updating machines and factories since the collapse of the Soviet Union.
The UK and Germany provide public education to their citizens.
Russia has invested heavily in training their workers to improve GDP.
Russia, the UK, and Germany all have literacy rates close to 100%.
How do natural resources affect a country's economy?
The more natural resources a country has, the less products they can make.
Without natural resources, a country can make more products.
The more natural resources a country has, the more they have to sell and the more products they can make.
Without natural resources, a country can trade and sell more products.
What is a true statement about the basic principle of Supply and Demand?
When the supply increases, the price decreases.
When the supply decreases, price decreases.
When the supply increases, the price increases
When the supply increases, the demand increases
Explain what Land is according to the Factors of Production.
Includes the "gifts of nature", or natural resources not created by human effort. (Ex: Water, Trees)
The people who are needed to work for businesses.
The people who create and open new businesses.
The capital or money needed to start new businesses.
What is the main reason countries trade with each other?
Different countries are good (specialized) at producing different kinds of goods.
Most countries produce too many goods and must get rid of them.
Different countries have different numbers of people living in them.
The different countries of the world are united by a shared banking system.
What type of economy do you live in?
What type of trade barrier is this?
1 U.S. Dollar = 0.50 Euro
1 Mexican Peso = 0.10 U.S. Dollar
In this situation you can conclude that 1 Euro would trade for
