WorksheetsUnit 4 Review
Total questions: 60
Worksheet time: 1hrs 27mins
Name
Class
Date
1.
Which of these European countries has the least economic freedom and most government control?
a)
Germany
b)
Russia
c)
United Kingdom
d)
North Korea
2.
Russia's economy is...
a)
Mixed
b)
Command
c)
Market
d)
Traditional
3.
Russia is best at producing and trading oil; Germany exports cars. What is this concept called?
a)
Specialization
b)
Tariff
c)
Embargo
d)
Quota
4.
What is a tariff?
a)
Tax on imported goods
b)
To stop trading with a business or country
c)
A limit on imported goods
5.
A quota is a limit on an imported good. Which is an example of a quota helping local farmers?
a)
Taxing corn from another country.
b)
Allowing less corn to be bought from other countries' farms.
c)
To stop buying corn from another country
6.
Russian government found deadly chemicals in German hamburgers. What will keep Russians safest?
a)
An embargo against German hamburger meat producers
b)
A tariff on German hamburgers
c)
A quota on German hamburgers
d)
Free trade with German hamburger producers
7.
You are on a trip to Germany. You swap your dollars for Euros. Why exchange currency?
a)
To buy or sell goods in Germany; they won't take dollars.
b)
Because dollars are worth the same as other currency
c)
Because Euros are a great souvenir.
8.
Free trade means there are no trade barriers, like tariffs. Which countries enjoy free trade?
a)
Spain, Italy, Germany
b)
Spain, Italy, France
c)
Spain, France, Germany
d)
Spain, France, Germany
9.
In what economic systems do private citizens determine what to produce, how to produce it, and how to market it?
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
10.
In what economic system does the government determine what to produce, how to produce it, and how to market it?
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
11.
What do you call the tools and equipment needed to create a good or service?
a)
Capital Resources
b)
Human Resources
c)
Land Resources
d)
Entrepreneurial Ability
12.
What is the calculation of the value in USD of all the goods and services
a)
Import
b)
Export
c)
Gross Domestic Product
d)
Human Development Index
13.
Which of the following are ways that countries attempt to limit trade? (choose all that apply)
a)
Tariffs
b)
Deficit
c)
Quotas
d)
Investment
e)
Embargo
14.
What is the correct correlation between literacy rate and standard of living?
a)
Reading and writing have nothing to do with how you live.
b)
Lower standard of living causes low literacy rate
c)
Low literacy rate decreases the standard of living
d)
High literacy rate decreases the standard of living
15.
Which economic factor does a coal mine represent?
a)
Natural Resources
b)
Capital Goods
c)
Human Capital
d)
Entrepreneurs
16.
If the literacy rate of a country is low and the GDP is also low, what factor is influencing the economic growth?
a)
Natural Resources
b)
Capital Goods
c)
Human Capital
d)
Entrepreneurs
17.
Which economic factor does an inventor represent?
a)
Natural Resources
b)
Capital Goods
c)
Human Capital
d)
Entrepreneurs
18.
Which economic factor does fresh water represent?
a)
Natural Resources
b)
Capital Goods
c)
Human Capital
d)
Entrepreneurs
19.
Which economic factor does paper represent?
a)
Natural Resources
b)
Capital Goods
c)
Human Capital
d)
Entrepreneurs
20.
Which economic factor does a tree represent?
a)
Natural Resources
b)
Capital Goods
c)
Human Capital
d)
Entrepreneurs
21.
Which characteristic represents the type of language spoken in a certain place?
a)
Labor
b)
Natural
c)
Human
d)
Entrepreneurs
22.
When a country invests in capital goods, what will happen to the GDP?
a)
GDP will increase
b)
GDP is not effected
c)
GDP will decrease
d)
GDP will stay the same
23.
Bartering was how goods and services where traded before there was...?
a)
Free Enterprise
b)
Common Currency
c)
Taxes
d)
Government
24.
A person that takes a risk by starting a new business.
a)
human capital
b)
capital goods
c)
entrepreneur
d)
natural resources
25.
Which of the following is NOT one of the three basic questions all economic systems must answer?
a)
What goods should be produced ?
b)
What is the price of the goods?
c)
How should the goods be produced?
d)
Who gets to consume the goods?
26.
The value of all goods and services produced within a country in a year
a)
Total Income Product
b)
Gross Domestic Product
c)
National Income Product
d)
Net Domestic Product
27.
What is one reason that a country could have a high GDP?
a)
Because they have high wages.
b)
Because they have a highly educated population.
c)
Because they have low taxes.
d)
Because they love going to space.
28.
Which of the following is an investment in human capital?
a)
Buying new computers
b)
Paving roads
c)
Purchasing new textbooks
d)
Paying for education and healthcare
29.
Which of the following is an investment in capital resources?
a)
healthcare
b)
new machinery
c)
skills training
d)
universities
30.
Which activity is an example of investing in physical capital?
a)
constructing a new factory
b)
throwing away old delivery trucks
c)
giving workers more time off to rest
d)
training workers to do their jobs better
31.
Which is an example of human capital?
a)
Education
b)
Roads
c)
Factories
d)
Machinery
32.
What are the four factors of production?
a)
land, labor, capital, & entrepreneurs
b)
quota, tariff, embargo, & resources
c)
mixed, market, traditional, & command
d)
earth, sun, moon, & light
33.
What is a mixed economy?
a)
a market-based economy in which the government plays a role
b)
an economic system in which the people make all the economic decisions
c)
people who buy goods and services
d)
an economic system based on traditions
34.
What is a market economy?
a)
a market-based economy in which the government plays a role
b)
an economic system in which the people make all the economic decisions
c)
people who buy goods and services
d)
an economic system based on traditions
35.
What type of economy do most democratic societies have today?
a)
market economy
b)
traditional economy
c)
mixed economy
d)
command economy
36.
A command economy occurs when the _________ is in control of all economic decisions.
a)
society
b)
government
c)
business owner
d)
market
37.
A mixed economy is a combination of ______ and _______ economies.
a)
traditional, mixed
b)
command, traditional
c)
market, command
d)
market, mixed
38.
This occurs when a country forbids trade with another country.
a)
Embargo
b)
Quota
c)
Tariff
d)
Specialization
39.
Actions in this type of economy relate to ritual, habit, and customs.
a)
Traditional
b)
Command
c)
Market
d)
Mixed
40.
Which economy has free enterprise with no government regulations?
a)
Command Economy
b)
Market Economy
c)
Traditional Economy
d)
Mixed Economy
41.
An economy where the government controls what is produced, how it is produced, and who will receive the goods and services.
a)
Command Economy
b)
Market Economy
c)
Traditional Economy
d)
Mixed Economy
42.
This economic system is based on family practices and the use of barter and trade systems instead of currency.
a)
Command Economy
b)
Market Economy
c)
Traditional Economy
d)
Mixed Economy
43.
What is a tariff?
a)
A government order to stop trade
b)
A limit placed on imports
c)
A tax placed on imports
d)
A limit placed on exports
44.
What is an embargo?
a)
A government order to stop trade.
b)
A limit placed on imports.
c)
A tax placed on imports.
d)
A limit placed on exports
45.
What is a quota?
a)
A government order to stop trade.
b)
A limit placed on imports.
c)
A tax placed on imports.
d)
A set price on imports
46.
A(n) ______ system determines what, how, and for whom goods and services are produced.
a)
traditional
b)
resource
c)
economic
d)
trade
47.
How can a country raise its GDP?
a)
raise taxes
b)
invest in education and training
c)
invest in stocks
d)
lower taxes
48.
Russia, Germany, and the United Kingdom all have what type of economic system?
a)
traditional
b)
command
c)
mixed market
d)
pure market
49.
What was the main purpose for the creation of the European Union?
a)
to eliminate trade barriers
b)
to establish trade barriers
c)
to eliminate free travel between countries
d)
to establish taxes
50.
When a government sanction prohibits trade between nations.
a)
embargo
b)
quota
c)
tariff
d)
subsidy
51.
Why is a system of currency exchange necessary for international trade?
a)
Nearly all world currencies are worthless on the world market.
b)
Those buying goods on the world market only accept payment in gold and silver.
c)
Most goods bought on the international market must be bought and paid for using United States dollars only.
d)
There must be a way to pay for goods purchased from countries with different types of currencies
52.
This map shows the member states of the European Union (EU). Based on this map, what is the MOST LIKELY reason the EU was formed?
a)
to protect themselves from foreign enemies
b)
to increase trade between European nations
c)
to begin the process of forming one large nation
d)
to isolate Europe from the rest of the international community
53.
All of the following are examples of human capital EXCEPT
a)
coal and natural gas
b)
going to law school
c)
manager training for your new position
d)
taking computer classes to improve typing skills
54.
Percentage of the population over the age of 15 that can read and write.
a)
literate
b)
literacy rate
c)
standard of living
d)
nationalism
55.
Why do countries specialize?
a)
Because no country has all of the resources necessary to produce all the good its animals need
b)
Because all countries have all of the resources necessary to produce all the good its people need
c)
Because no country has all of the resources necessary to produce all the good its people need
d)
Because no country has none of the resources necessary to produce all the good its people need
56.
Which is not one the three economic questions that every country must answer?
a)
What to produce?
b)
How to produce?
c)
For who to produce?
d)
How to consume?
57.
When a government decides to increase a tariff, it increases the amount of a tax placed upon
a)
people's income
b)
imported goods
c)
renewable resources
d)
people's property
58.
What do the economic systems of the United Kingdom, Germany, and Russia have in common?
a)
All are example of pure market economies.
b)
All are examples of mixed ecomomies that are mostly market economies with some elements of command economies.
c)
All are examples of mixed economies that are mostly command economies with some elements of market economies.
d)
All are examples of pure command economies.
59.
What are the four factors of production?
a)
land, labor, capital, & entrepreneurs
b)
quota, tariff, embargo, & resources
c)
mixed, market, traditional, & command
d)
earth, sun, moon, & light
60.
What is one reason that a country could have a high GDP?
a)
Because they have high wages.
b)
Because they have a highly educated population.
c)
Because they have low taxes.
d)
Because they love going to space.
100 %
