WorksheetsSW Asia Economics Review
Total questions: 47
Worksheet time: 4hrs 55mins
Which of the following is NOT a type of economy?
Command
Democracy
Market
Traditional
Which of the following is NOT an economic question to answer?
What to produce?
Where to produce?
How to produce?
From whom to produce?
Which is an example of a traditional economy?
United States
North Korea
Cuba
Uncivilized Tribes
Which is an example of a market economy?
United States
North Korea
Cuba
Uncivilized Tribes
Which is an example of a command economy?
United States
North Korea
United Kingdom
Uncivilized Tribes
In a command economy, who makes all economic decisions?
The government
The people
The Supreme Court
The Legislature
Which type of economic system bases its decisions on customs and habits?
Market Economy
Mixed Economy
Command Economy
Traditional Economy
Which type of economy involves bartering, and doesn't involve a form of money?
Command
Traditional
Market
Mixed
If I produce meat in my own store, but the government has to check and make sure this product is safe for human consumption, what economic system does this represent?
Mixed
Traditional
Market
Command
What does Gross Domestic Product
mean?
The total value of all goods and services a country imports.
The total value of all goods and services a country exports.
The estimated total value of all final goods and services produced within a country in one year.
The net loss in profits within a country due to imports.
What does human capital mean?
the place where the most people live within a country
the place where the most work is performed within a country
education and health care for a workforce
buildings and offices where most people work in a country
What are capital goods?
goods that are produced in the capital
the factories, machinery, and technology used to produce goods and services
goods that are produced without natural resources
goods that are produced by the government
What does "GDP" stand for?
Gross Domestic People
Gross Defensive Product
Gross Domestic Product
Gross Defensive Population
What is GDP per capita?
Average working wage
Average age of a nation's employed population
Average age of a nation's unemployed population
Average annual income of a nation's citizens
What does "per capita" mean?
Per person
Per city
Per country
Per adult
Goods and services a country produces and sells to other countries is called
imports
exports
demand
supply
The goods and services brought in from other countries is called
supply
exports
imports
tariff
Rules used to try to limit trade with other countries
embargo
tariff
trade barriers
quota
Which is an example of a trade barrier?
Japan is allowed to send as many electronic products to the U.S. as they want.
The U.S. freely trades with other countries with no restrictions.
A high tax is placed on all diamonds received from Africa.
The EU allows all member countries to trade freely amongst each other.
When a country focuses on a few industries or products, this is called...
Mechanization
Supervision
Creativity
Specialization
How does literacy rate affect a country's standard of living? (Select both that apply)
The higher the literacy rate, the lower the standard of living
The higher the literacy rate, the higher the standard of living
The lower the literacy rate, the lower the standard of living
The lower the literacy rate, the higher the standard of living
For a country to be considered market-leaning, its score on the economic continuum has to be within what range?
0 - 50
50 - 100
100+
Market economies don't exist
If a country had a score of 44.2 on the economic continuum, what economy would that country have
Mixed-leaning Command
Mixed-leaning Market
Pure Command
Pure Market
What is another term for "capital goods"?
Human Capital
Technology Capital
Physical Capital
State Capital
What is the name of the scale that is used to determine a country's economic freedom from 0 (least free and command-leaning) to 100 (most free and market-leaning)?
Economic Scale of Markets
Economic Line Plot
Economic Continuum
Economic Freedom Rankings and Ratings
Which of the following is NOT a trade barrier?
Tariff
Quota
Embargo
Stimulus
Which of the following economic growth factors is most likely to be missing in a command economy?
Entrepreneurship
Physical Capital
Natural resources
Human Capital
In the mid-twentieth century, the Cuban government took control of all US-owned oil refineries located in Cuba in order to run the refineries themselves. This government action is characteristic of a country with what type of economy?
closed economy
market economy
traditional economy
command economy
Country A charges a 35% tax on automobiles imported into the country. This is an example of:
a specialization
a quota
a tariff
an embargo
A quota is a
restricted trade with another country
tax put on imported goods
Limited number of imported goods
profit made by a country over one year
A complete ban on trade with another country is called a(n)
quota
embargo
import
trade barrier
When companies and countries invest in their employees' or citizens' education, training and skills is called
Developing country
Capital (goods)
Human capital
Developed country
How does specialization encourage trade between two countries?
A Specialization produces such an abundance of one product that the country is forced to trade it.
A Specialization creates a diversity of products in one country and very few products in others.
Specialization utilizes different natural resources that are shared between multiple countries.
A Specialization allows for countries to master one product and sell it to other countries that may need it.
What is one reason for people to exchange currency?
to make more money by trading currency
most people want to use American dollars to trade
because different countries have different currencies
to buy and sell goods and services with other countries
It is important for a country to invest in human capital because businesses
need money in order to pay for their workers
enjoy workers getting extra training and job opportunities
are more successful when the workers have good training, education, and health care
are not responsible for the training and health care of the workers they employ
What is the money people use in a country called?
trade
currency
exchange
voluntary
What is the term for the overall wealth and well-being of a nation?
Standard of Living
GDP
GDP per capita
Literacy Rate
What is literacy rate?
The number of colleges in a country.
The number of kids enrolled in school
The percentage of people over the age of 15 who can read and write in their native language
The percentage of people who have attended college and earned at least one degree.
Turkey, Saudi Arabia, and Israel all have which type of economy?
Mixed-leaning Command
Mixed-leaning Market
Traditional
Pure Market
What natural resource does OPEC oversee in the Middle East?
Diamonds
Gold
Water
Oil
What does OPEC stand for?
Organization of Production Encouraging Countries
Organization of Petroleum Exporting Countries
Oil Producing Economic Countries
Oil Production Encouragement Coalition
