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Chapter 3 Economics Vocabulary SS6E1, SS6E2, SS6E3

Total questions: 59

Worksheet time: 27mins

Name
Class
Date
1.

An area that is largely countryside; this is in contrast to an urban (i.e., city) area

a)

urban

b)

rural

c)

city

d)

the boonies

2.

"related to cities"

a)

urban

b)

rural

c)

city

d)

the boonies

3.

Technology, factories, & machines that are used to make/sell goods & services.

a)

Entrepreneurship

b)

Capital Goods

c)

Human Capital

d)

Natural Resources

4.

Education, healthcare, & training of a country’s workers

a)

Entrepreneurship

b)

Capital Goods

c)

Human Capital

d)

Natural Resources

5.

Someone who takes a risk and starts a new business or invents a new product.

a)

Entrepreneurship

b)

Capital Goods

c)

Human Capital

d)

Natural Resources

6.

Materials from the Earth that are used to support life and meet people's needs.

a)

Entrepreneurship

b)

Capital Goods

c)

Human Capital

d)

Natural Resources

7.

•Mix of command and market systems

•Most democratic nations have this type of economic system

a)

Mixed Economy

b)

Market Economy

c)

Command Economy

d)

Traditional Economy

8.

-Private businesses & individuals make all economic decisions without government interference

-Works on supply & demand

a)

Mixed Economy

b)

Market Economy

c)

Command Economy

d)

Traditional Economy

9.

Government makes all economic decisions

•Examples: Cuba, China, North Korea, former Soviet Union

a)

Mixed Economy

b)

Market Economy

c)

Command Economy

d)

Traditional Economy

10.

•Economic decisions are based on customs and beliefs of the past

· Uses bartering to exchange goods

· Examples: tribes in Africa, Inuit in Canada

a)

Mixed Economy

b)

Market Economy

c)

Command Economy

d)

Traditional Economy

11.

Changing from one type of currency to another in order to purchase goods across the world market

a)

Currency Exchange

b)

Gross Domestic Product

c)

Literacy Rate

d)

Specialization

12.

The products that a country makes best and that are in demand on the world market.

a)

Currency Exchange

b)

Gross Domestic Product

c)

Literacy Rate

d)

Specialization

13.

All of the goods and services produced within a country in 1 year. Measures a country’s economy.

a)

Currency Exchange

b)

Gross Domestic Product

c)

Literacy Rate

d)

Specialization

14.

The percent of a country’s population over the age of 15 that can read and write.

a)

Currency Exchange

b)

Gross Domestic Product

c)

Literacy Rate

d)

Specialization

15.

Tax placed on imported goods.

a)

Social Security

b)

Tariff

c)

Embargo

d)

Quota

16.

A complete ban on trading, usually for political reasons.

a)

Social Security

b)

Tariff

c)

Embargo

d)

Quota

17.

A limit on the amount of goods a country will import.

a)

Social Security

b)

Tariff

c)

Embargo

d)

Quota

18.

I am economy based on traditions and customs. I also have a strong sense of community where everybody pitches in.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

19.

We have ZERO government involvement. We can produce what we want and sell what we want to whomever we want without the government becoming involved.

a)

Market

b)

Mixed

c)

Traditional

d)

Command

20.

I am so mixed up! My economy has quite a bit of freedom to produce and sell what we want. However, there is some government control in what we do,

a)

Market

b)

Mixed

c)

Traditional

d)

Command

21.

Producers of goods and services can raise and lower prices as they want because there is NO government involvement.

a)

Command

b)

Market

c)

Mixed

d)

Traditional

22.

There is NO technology used in this economic system. Hunting, fishing and farming are examples of economic activities in this system.

a)

Command

b)

Market

c)

Mixed

d)

Traditional

23.

All resources and properties are owned and controlled by the government. They make all the economic decisions. Consumers and producers have little choice.

a)

Mixed

b)

Command

c)

Market

d)

Traditional

24.

All economic systems answer the following questions:

1. What to produce

2. How to produce

3. For whom to produce

a)

True

b)

False

25.
Ways of limiting trade by tariffs, quotas, and embargoes.
a)
A. Free Economies
b)
B. Trade Barriers
c)
C. Tariffs
d)
D. Embargo
26.
The total value of all the goods and services produced in a country in one year.
a)
a. Gross Domestic Product (GDP)
b)
b. Economic systems
c)
c. European Union (EU)
d)
D. Free Trade Zone
27.
A person who risks his or her own money, time, ideas, and energy to start and run a business.
a)
a. enterpreneur
b)
b. currency
b. currency
c)
c. euro
d)
d. embargo
28.
An economy in which customs and habits of the past decide what and how goods and services are produced, distributed, and consumed.
a)
a. mixed economy
b)
b. command economy
c)
c. traditional economy
d)
d. market economy
29.
A government orders stopping trade with another country.
a)
a. euro
b)
b. demand
c)
c. quota
d)
d. embargo
30.
A limit placed on the number of imports that may enter a country.
a)
a. quota
b)
b. euro
c)
c. supply
d)
d. demand
31.
Has characteristics of command and market economies.
a)
a. mixed economy
b)
b. command economy
c)
c. free economies
d)
d. market economy
32.
A tax on imported goods.
a)
a. scarcity
b)
b. euro
b. euro
b. euro
c)
c. tariffs
d)
d. supply
33.
The money people use to make trade easier (medium of exchange).
a)
a. supply
b)
b. currency
c)
c. scarcity
d)
d. euro
34.

If the United States stops all trade with Saudi Arabia, this is an example of a?

SS6E2

a)

Tariff

b)

Quota

c)

Embargo

d)

Command Economy

35.

Would you want the GDP of your country to be HIGH or LOW?

SS6E3

a)

High

b)

Low

36.
Which question is NOT one basic question of economics?
a)
What goods/services will be produced?
b)
Who will consume the  goods/services?
c)
What goods/services are available?
d)
How will the goods/services be produced?
37.

If the United States places a tax on imported or exported goods, this is an example of?

SS6E2

a)

Tariff

b)

Quota

c)

Embargo

d)

Command Economy

38.

A tariff....

SS6E2

a)

Encourages people to buy goods made from their country.

b)

Increases trade between other countries.

c)

Stops trade completely.

d)

Only placed to encourage democracy.

39.

The value of the output of all goods and services produced within a country in a year. SS6E3

a)

total ouput

b)

Gross Domestic Product

c)

national income

d)

net domestic product

40.

When Sarah buys new chairs and laptops for her staff, she is investing in......

SS6E6

a)

Human capital

b)

Capital goods

c)

Her business

41.

Which is an example of investment in human capital?

SS6E6

a)

trucks

b)

factories

c)

education

d)

highways

42.

High levels of GDP per capita indicate...

SS6E3

a)

Higher levels of happiness

b)

Higher standard of living

c)

Equal levels of wealth

d)

Self-sufficient communities

43.

Limit on the amount of a foreign good or service that may be legally imported.

SS6E2

a)

Trade

b)

Trade Barrier

c)

Standards

d)

Quota

44.

What happens to GDP when education levels go up?

SS6E4

a)

GDP increases

b)

GDP decreases

c)

GDP stays the same

d)

It is difficult to increase educational levels

45.

Foreign goods and services purchased from sellers in other countries.

SS6E6

a)

Imports

b)

Scarcity

c)

Supply

d)

Trade Barrier

46.
workers of a business or country including their education, training, skills, and health
a)
physical capital
b)
GDP
c)
human capital
d)
opportunity cost
47.
Which of the following does investing in human capital provide? 
a)
education
b)
training
c)
health care
d)
all of these
48.
All of the following are true of GDP except:
a)
GDP tells how rich or poor a country is
b)
GDP raises standard of living
c)
Human capital is the only thing that contributes to GDP
d)
In order to increase GDP, countries must invest in human captial
49.
a useful material that is found in nature
a)
arable land
b)
permafrost
c)
natural resource
d)
physical capital
50.
What would happen if a country had no natural resources? 
a)
The country would be poor
b)
The country would have no money
c)
The country would have to import 
d)
The country would fall apart
51.
What does having natural resources help a country to do?
a)
Increase their GDP by extracting, manufacturing & exporting
b)
Create jobs & trade
c)
Adds money to the cost of goods & services
d)
All of them
52.
one who risks his or her own money, time, ideas, and energy to start and run a business
a)
human capital
b)
entrepreneur
c)
barter
d)
quota
53.
How do entrepreneurs help a country? 
a)
They encourage trade
b)
All of them
c)
They pay taxes
d)
They hire employees
54.
In order to help Russian farmers sell more food, some people want to put a tax on the food imported from other countries.  This is an example of a(n)
a)
quota.
b)
tariff.
c)
embargo.
d)
voluntary exchange.
55.
Which is an example of investing in human capital?
a)
cash 
b)
factories
c)
education
d)
highways
56.
A country that does not invest in human capital will have problems because
a)
there will be no money to pay its workers.
b)
workers will learn on their own the skills they need.
c)
businesses will not pay for good schools.
d)
workers who are not educated, skilled, and healthy are less productive.
57.
The Soviet Union did not invest in capital improvements, so Russian workers today
a)
do not want to increase their standard of living.
b)
are not as productive as workers in other countries.
c)
work in brand new factories and are very productive.
d)
have shut down their factories until new ones are built.
58.
Which is an example of a natural resource?
a)
highways
b)
education
c)
forests
d)
automobiles
59.
Why is a country better off it does not have to import natural resources?
a)
Other countries may need the resources.
b)
Buying from other countries costs more money.
c)
People in other countries don't want to sell their natural resources.
d)
Businesses have a hard time using the natural resources that are located nearby.

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