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WorksheetsEconomics Test
Total questions: 27
Worksheet time: 19mins
What action would a country take that specializes in coal but lacks iron ore?
They would specialize in iron ore
They would decrease trading coal to other countries.
They would specialize in coal and trade this for iron ore.
They would bargain with other countries for coal.
Countries only specialize in a limited amount of goods because....
They don't need to trade with other countries.
They only have a limited amount of goods and can not spare them.
No country wants to trade their unlimited goods so they specialize in producing their own.
No country has all the goods and resources it needs, so it specializes in what it has to get the resources they need.
When countries decide to specialize in they.....
Use non-renewable resources that are scarce.
Choose resources that are plentiful and look at what other countries need.
They trade state to state to get what they need to manufacture goods.
They ask all the other countries what they like best and make that.
Global trade is when countries import and export goods with other nations around the (a) .
Countries decide who to become trading partners by...
Becoming best friends with each other.
Having the same type of governments as each other.
Looking at what resources they need and want but don't have.
Competing with each rival country to ruin their economies
What does it mean to export goods and services?
to ship goods out of your country
to bring goods into your country
when countries rely on each other
to produce limited goods only
To import goods means...
to have goods bought/brought into your country.
to rely on other countries to survive
to make economic choices
to have future consequences
Interdependent means...
to not rely on anyone but yourself
when a country will only trade with countries near them
use of productive resources
when countries rely on one another for trade & survival
To specialize means...
to rely on others to make your goods
to use your productive resources to create a limited variety of goods
the trade of goods worldwide
a present day consequence
Decide if this is an individual or collective economic choice.
Saudi Arabia decides to specialize in producing petroleum products.
individual economic choice
collective economic choice
Decide if this is an individual or collective economic choice.
Sarah decides to spend her allowance on the trampoline park instead of saving it for her brothers birthday gift.
individual
collective
Is it an individual or collective economic decision?
Hebron decides to use tax money on fixing up parks in the town.
individual
collective
Individual or collective economic choice?
A coal miner wants the town to keep the mines open so they can keep their job.
individual
collective
Individual or Collective Economic Choice?
Environmentalists want to shut down drilling operations in the ocean because they believe it hurts the environment.
individual
collective
How many iron mines does Liberia have?
one
three
two
four
How many diamond mines does Liberia have?
one
two
six
seven
Liberia's map only shows one hydroelectric plant. What is hydroelectric?
It is electric made by lightening
Electricity produced by plants
Electricity produced from coal
Electricity production from water using a dam.
In Liberia more of the country is covered in "National Forests". Why would timber and logging NOT be something they specialize in?
They have more rubber plantations than anything
The don't want to specialize in timber and logging
National forests are protected in most countries and it is illegal to cut them down
Because trees are not a good thing to trade; no country will need wood
How many iron ore deposits are within Liberia?
six
three
seven
none
How many coffee areas does Liberia have?
none
five
one
six
If you were Liberia's government and had to decide what your country should specialize in which two resources would be best?
hydroelectric power and petroleum
diamonds and iron ore
coffee and timber
timber and iron ore
Order these countries based on who would want to specialize in medicine and health. The first country would be the one that would definitely want to specialize in medications and the last would be the least likely to specialize in medicine
South Korea
Egypt
Japan
Malta
Place the following in sequential order to explain how specialization leads to global trade.
People have limited resources
Countries specialize in the production of their limited resources.
People still don't have all the goods and services they need and want.
So other countries sell them goods and services through global trade
Countries then have a variety of goods for their needs and wants.
Countries choose to import items they already have the resources to make because it is (a)
Choose two future economic consequences.
A families life improves because their father gets a new, higher, paying job.
Someone pays less money for imported good.
Due to increased exports the United States economy grows over the years.
During high school Samuel begins to save money to attend college after graduation.
Ms. Lanning's favorite number is what?
13
23
7
3
Ms. Lanning is not at school today because she is (a) and she expects you to study over the weekend because your test is on (b)
