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Economics

Total questions: 35

Worksheet time: 18mins

Name
Class
Date
1.

A________________is a trade barrier in which a tax is placed on goods.

a)

quota

b)

tariff

c)

embargo

d)

import

2.

This is how a person's education and training help them do their job.

a)

human capital

b)

natural resources

c)

market economy

d)

capital goods

3.

My grandfather traded a cow for six chickens and a hen. This is an example of _____________.

a)

barter

b)

import

c)

export

d)

embargo

4.

My father owns a factory that makes shoes. He makes the coolest boots. Everyone wants his boots. He exports thousands of pairs of boot each year. My father is an ______.

a)

consumer

b)

agricultural worker

c)

entrepreneur

d)

resource officer

5.

My Mother always takes me Christmas Shopping. We shop and shop. I love buying gifts for everyone. This make us ______________.

a)

consumers

b)

industrialists

c)

entrepreneurs

d)

tired

6.

My Dad told me I needed to get a summer job. I have several yards that I mow. On Thursdays, I go around from house to house to collect my ____________.

a)

consumers

b)

insurance

c)

wages

d)

barter

7.

Why are coal, silver, and oil considered natural resources?

a)

They are a person's education.

b)

They are tools used in a business.

c)

They are a person's training.

d)

They are found naturally in the earth.

8.

The total money value of all goods and services produced in a country in one year is its ____________.

a)

Gross Dumestic Prices

b)

Grand Domestic Places

c)

Gross Domestic Prices

d)

Gross Domestic Product

9.

These are the tools and resources used to run a business.

a)

stuff I need

b)

human capital

c)

capital goods

d)

natural resources

10.

All the people who are working in a country are part of its __________________.

a)

labor force

b)

unemployment rate

c)

literacy rate

d)

life expectancy

11.

Why would a country choose to trade with countries closest to them?

a)

cheaper, faster, easier

b)

they like them best

c)

They can't speak the language

d)

more expensive, more difficult, and slower

12.

Why is it important to invest in Human Capital?

a)

education

b)

training

c)

people will get better jobs and make more money

d)

people need help

13.

_________________is a synonym for factories.

a)

continuum

b)

agriculture

c)

industry

d)

consumer

14.

In our present-day world, what type of economic system does every country have?

a)

Traditional

b)

Command

c)

Free Market

d)

Mixed

15.

_______________________________are a trade barrier where a number limit is placed on items.

a)

tariff

b)

quota

c)

embargo

d)

import

16.

The ____________________represents the number of people who can read and write in a country.

a)

population

b)

unemployment rate

c)

literacy rate

d)

life expectancy

17.

An ________________________ is a trade barrier in which one country refuses to trade with another country.

a)

embargo

b)

tariff

c)

quota

d)

import

18.

The number of people living in an area is its ___________________.

a)

tradition

b)

culture

c)

population

d)

customs

19.

The ratio of the number of people without jobs in a country is the ___________________.

a)

standard of living

b)

unemployment rate

c)

labor force

d)

literacy rate

20.

How well or how poorly a person is able to live in a certain country is ___________________________.

a)

poverty line

b)

unemployment rate

c)

population

d)

standard of ,living

21.

The_____________________________is used in the changing of currency from on country to another.

a)

literacy rate

b)

standard of living

c)

exchange rate

d)

currency

22.

The ______________________________is a line used to measure how much government control a country has.

a)

literacy rate

b)

command

c)

economy

d)

continuum

23.

What is one reason entrepreneurs are important to countries?

a)

people get rich

b)

it gives people jobs

c)

government can tell them what to do

d)

makes trading easier

24.

Goods bought from another country are _______________.

a)

imports

b)

exports

c)

tariffs

d)

quotas

25.

Goods produced in a country and sold to another country are_________________.

a)

imports

b)

exports

c)

tariffs

d)

quotas

26.

The higher the literacy rate in a country the _______________standard of living.

a)

lower

b)

higher

c)

more equal

d)

poorer

27.

___________________________means that we decide how much people want something and then decided how much to produce.

a)

traditional

b)

imports

c)

trade

d)

supply and demand

28.

Entrepreneurs live in this type of economic system.

a)

traditional

b)

command

c)

free market

d)

communist

29.

Some companies are owned by the people. There are other things, such as health-care, banks, and schools that are owned by the government.

a)

Traditional Economy

b)

Command Economy

c)

Market Economy

d)

Mixed Economy

30.

My boss purchased new dump trucks and cement mixers for us. Dump Trucks and Cement Mixers are examples of what type of resource?

a)

Natural

b)

Human

c)

Capital

d)

Tariff

31.

The Aborigines of Australia continue to produce boomerangs just as their ancestors did. This is an example of which type of economic system?

a)

Traditional

b)

Command

c)

Free Market

d)

Mixed

32.

Thailand refused to pay the extra money placed on fishing nets coming into the country. They decided to buy elsewhere.

a)

tariff

b)

embargo

c)

quota

d)

import

33.

The USA wished to buy 4,000 cars from Germany. Germany would only permit the sale of 1500. This is an example of which trade barrier?

a)

tariff

b)

quota

c)

embargo

d)

import

34.

What does international trade mean?

a)

trading within your own country

b)

the government makes the deals

c)

people make the deals

d)

trading with other countries

35.

How often do currency values change?

a)

Yearly

b)

Monthly

c)

Weekly

d)

Daily