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WorksheetsFinal Exam Study Guide (2021-22)
Total questions: 52
Worksheet time: 30mins
Which of these European countries has the least economic freedom and most government control?
Germany
Russia
United Kingdom
North Korea
Russia is best at producing and trading oil; Germany exports cars. What is this concept called?
Specialization
Tariff
Embargo
Quota
What is a tariff?
Tax on imported goods
To stop trading with a business or country
A limit on imported goods
A quota is a limit on an imported good. Which is an example of a quota helping local farmers?
Taxing corn from another country.
Allowing less corn to be bought from other countries' farms.
To stop buying corn from another country
Russian government found deadly chemicals in German hamburgers. What will keep Russians safest?
An embargo against German hamburger meat producers
A tariff on German hamburgers
A quota on German hamburgers
Free trade with German hamburger producers
You are on a trip to Germany. You swap your dollars for Euros. Why exchange currency?
To buy or sell goods in Germany; they won't take dollars.
Because dollars are worth the same as other currency
Because Euros are a great souvenir.
In which economic system are entrepreneurs MOST likely to exist?
Command Economy
Market Economy
Traditional Economy
Communist Economy
What are the advantages and disadvantages of a command economy?
The government provides for basic needs, but choice is limited.
The government is not involved in production, consumption, or distribution. Many choices available
Mix between government control and private business. Limited government regulation of industry.
Businesses are based on tradition and choices are limited. People barter for goods.
Why is it important for a country to invest in human capital?
All humans need capital to survive
Starting your own business is good for the economy
Countries that invest in the education and training of their people usually have a higher GDP
Countries that invest in new technology and machinery produce more and have a higher GDP
Which is an example of an tariff?
China allows only 345,000 Ford Mustangs into their country each year.
China charges 7.9% tax on Ford Mustangs imported into their country.
China refuses to buy Ford Mustangs from the USA.
China puts a tax on all exports to the USA.
Lisa started a small business selling t-shirts. She used her home as the place to start the business. She purchased the shirts from a company in Haiti. After selling a large amount of t-shirts, Lisa hired her cousins to help package and ship the t-shirts to customers.
In this scenario, Lisa would be an example of a(n) ________________.
Entrepreneur
Natural Resource
Human Capital
Physical Capital
Which Caribbean nation is an example of rule by one?
Cuba
Haiti
Jamaica
Trinidad
A main purpose of NAFTA was to
What type of economic system does Brazil have?
Mixed
Market
Traditional
Command
What type of economic system does Cuba have?
Mixed
Market
Traditional
Command
Where would Mexico, Brazil, & Cuba fall on this economic continuum?
A-Cuba, B-Brazil, C-Mexico
A-Brazil, B-Cuba, C-Mexico
A-Cuba, B-Mexico, C-Brazil
A-Mexico, B-Brazil, C-Cuba
Which country has the highest national GDP?
Brazil
Belize
Mexico
Nicaragua
Which natural resource is available in Brazil, Mexico, & Cuba?
soybeans
wheat
coffee
oil
What were the goals of NAFTA? (Choose 3)
establish safe, fair conditions for workers in member countries
expand the market for all goods and services
restrict trade between non-member countries
establish clear rules for trade and procedures to resolve disputes
make foreign goods more expensive
The total value of everything produced by all people and businesses in a country in one year
GDP per capita
Gross Domestic Product
Standard of Living
Which country has a higher GDP per capita?
Country A
Country B
"Nicaragua faces the obstacle of updating its many old factories with new equipment and technologies."
This issue indicates a lack of investment in which type of resource in Nicaragua?
human resources
natural resources
capital resources
entrepreneurship
Which is a logical conclusion for a country with a high GDP?
It has a high literacy rate.
It has a low literacy rate.
Literacy is not a priority in the country.
There is no relationship between a country's literacy rate and GDP.
What factor of economic growth would increase a country's literacy rate and therefore it's GDP?
investment in capital goods
investment in the stock market
investment in real estate
investment in human capital
What countries are part of NAFTA?
United States, Mexico, Congo
United Kingdom, Mexico, Canada
United States, Morocco, Canada
United States, Mexico, Canada
What type of government does Mexico have?
Autocracy
Command
Market
Democracy
What type of leadership does Brazil have?
President
Dictator
Chancellor
Prime Minister
What form of government is illustrated in the diagram?
Presidential democracy
Parliamentary democracy
Military dictatorship
Communist dictatorship
What government does the diagram illustrate?
Presidential democracy
Parliamentary democracy
Communist dictatorship
No government known to humankind
Which of the following are descriptions of a market economy? Check all 3 that apply.
Government control of business
Private property ownership
Freedom to choose a business enterprise
Running a business based on supply and demand
Why is it important for a business to understand the currency exchange system?
So they can make all money the same.
So they can do business with only those countries that exchange at a higher rate.
So they know the value of their money versus that of their trading partner so they can trade goods.
So they know which bank to go to for exchanging the currency.
Representative Democracy
What type of government has a king or queen shares power with the constitution that holds all the power?
Constitutional Monarchy
Dictatorship
Direct Democracy
Republic
Communism is
a system of government where commies live
a system of government where one leader rules over the people
a system of government where there is only one party and the State owns everything
a system of government where the people chose the political party they like the best
The two houses are the Houses of Common and House of Lords
United Kingdom
Germany
Russia
The two houses are the Houses of Common and House of Lords
United Kingdom
Germany
Russia
The Prime Minister is elected by the legislative branch
Presidential
Parliamentary
The leader answers directly to the people
Parliamentary
Presidential
Citizens hold the ultimate power
Autocracy
Democracy
The two houses are Bundestag and Bundesrat
United Kingdom
Germany
Russia
The powers are separated causing checks and balances
Parliamentary
Presidential
Which are the positives of NAFTA?
Increases Trade
Reduces Cost
Raises Economic Growth
Reduce Govt Spending
Creates Jobs
Outsourcing
Environment Damage from Shale Oil
Match the following:
The level of financial and material goods available to citizens
NAFTA
Standard of Living
Tariff
Outsourcing
Unforseen
What did NAFTA eliminate?
Imports
Exports
Tariffs
Vehicles
Since NAFTA needed improvements, a new agreement went onto effect July 1, 2020. This treaty would be named the
United States, Mexico, Canada Agreement
(USMCA)
NAFTA II
United States, Mexico, Poland
Agreement
(USMPO)
United States, Germany, Canada
Agreement
(USGCA)
According to the text...economists agree believe the USMC Agreement
has benefited the United States
has hurt the United States
has benefited all of Europe
has killed more jobs than NAFTA
