WorksheetsUnit 1: Economics, Silk Road and Globalization
Total questions: 19
Worksheet time: 11mins
The U.S government has increased its influence on the economy by… Choose all that apply.
imposing taxes.
creating government agencies.
creating laws.
limiting its influence on the economy.
A main feature of a traditional system is… Choose two correct answers.
A barter system.
Imposing taxes
Goods produced by families.
In a command system, who determines the answer to what, how, and for whom things should be
produced?
Customs and past ways.
Individuals.
Government.
Individuals and government.
In a mixed system, who determines the answer to what, how, and for whom things should be
produced?
Customs and past ways.
Individuals.
Government.
Individuals and government.
The ___________________ says that as the price of an item goes up, people will buy
less. The law also says that as the price of an item goes down, people will buy more.
Law of Supply
Law of Demand
Law of Competition
None of the above
What are the four factors of production?
Land, labor, capital, entrepreneurs
Labor, capital, services, entrepreneurs
Capital, services, land, entrepreneurs
Which of the following are examples of capital resources? Choose two correct answers.
Minerals and nutrients
Car Factory
Printing Press
Factory worker
How do some companies decrease their cost of production to make their products more affordable?
Lobbying politicians to keep minimum wage low.
Limiting the number of raises given to employees each year.
Outsourcing labor to other countries.
How can our interconnectedness to other countries improve the standard of living? Choose all that apply.
Blending of cultures can lead to less individuality.
Providing different, innovative products.
Governments can work together and share knowledge.
What made silk valuable?
Only the Chinese knew how to make it.
Syrian wool was too itchy.
Indian cotton was too expensive.
Only the Romans wanted to buy it.
International trade encourages countries to specialize in one good or service. How does this benefit that country?
It increases competition.
Local producers suffer because of cheaper imports.
It lowers costs and increases efficiency.
How did the identity of communities change as new culture was introduced? Choose all that apply.
New languages and customs were learned.
New information about Science, Art and Literature was shared.
New technologies increased efficiency in printing and education.
New war strategies were developed to aid in expansion.
What did the Roman emperor do to reduce the amount of gold that was flowing out of his empire?
He stopped men from wearing silk.
He prohibited merchants from entering his empire
He banned travel on the silk road.
How did China maintain the value of silk?
Only the wealthy merchants were allowed to work in silk production
Revealing the secret of making silk was a crime punishable by death.
How did the silk road impact the growth of trade centers along the route?
These trade centers flourished from a sustained economy and grew into major towns.
Buddhism spread from the West through each trade center.
The sea route helped to develop port towns along the coast.
What is an example of a cultural effect that trade had on the people that used the Silk Road?
China became wealthy trading silk.
Rome became powerful trading jade.
Buddhism spread from India to China.
As more caravans traveled the silk road, nomadic people settled at stopping points offering food, water and rest. How did this practice change the nomadic people´s lives? Choose all that apply.
They were able to settle in one place waiting for each new caravan.
Their towns along the silk road eventually developed into empires.
Their inns grew into towns that were thriving centers of trade.
International trade brings a number of valuable benefits to a country, including:
Local producers may suffer because cheaper imports may destroy their market.
The quality of goods and services is likely to increase as competition encourages innovation, design and the application of new technologies.
Workers are at risk of losing their jobs if goods can be made cheaper in foreign countries
What is the equilibrium shown on this graph?
250 quantity, $1.15 price
500 quantity, $.40 price
300 quantity, $1.20 price
100 quantity, $1.20 price
