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Chp 13: Global Economics Review

Total questions: 16

Worksheet time: 8mins

Name
Class
Date
1.

Product standards, subsidies, and quotas are examples of _______ policies.

a)

capitalism

b)

scarcity

c)

protectionism

d)

supply and demand

e)

economic interdependence

2.

_________ impacts pricing based on the availability of a product and the consumer desire for it.

a)

capitalism

b)

scarcity

c)

protectionism

d)

supply and demand

e)

economic interdependence

3.

A characteristic that sets _______ apart as an economic and political.

a)

capitalism

b)

scarcity

c)

protectionism

d)

supply and demand

e)

economic interdependence

4.

_______ is experienced when demand meets insufficient resources.

a)

capitalism

b)

scarcity

c)

protectionism

d)

supply and demand

e)

economic interdependence

5.

_______ happens when multiple countries rely on one another for goods and services.

a)

capitalism

b)

scarcity

c)

protectionism

d)

supply and demand

e)

economic interdependence

6.

_______ includes the study of individual purchasing decisions.

a)

export

b)

developing countries

c)

microeconomics

d)

economic system

e)

tariff

7.

Fewer available resources and a lower standard of living are characteristics of _______.

a)

export

b)

developing countries

c)

microeconomics

d)

economic system

e)

tariff

8.

A(n) ______ is the way in which a country uses their resources and distributes goods and services.

a)

export

b)

developing countries

c)

microeconomics

d)

economic system

e)

tariff

9.

A(n) ______ is a product or service a country sells to another country.

a)

export

b)

developing countries

c)

microeconomics

d)

economic system

e)

tariff

10.

In order to help sell more domestic products, a country might charge an extra tax, or ____, on imports.

a)

export

b)

developing countries

c)

microeconomics

d)

economic system

e)

tariff

11.

Which of the four economic sectors includes education, the government, and scientific research?

a)

primary

b)

secondary

c)

tertiary

d)

quaternary

12.

Which of the following is not considered a factor of production?

a)

land

b)

labor

c)

competition

d)

capital

13.

Controlling the use of a product or service is known as what?

a)

scarcity

b)

rationing

c)

subsidy

d)

tariff

14.

When consumer demand for a product is met by the available supply, the market has reached:

a)

scarcity

b)

deflation

c)

equilibrium

d)

expansion

15.

What term is used to describe when economic growth is at its highest point?

a)

expansion

b)

peak

c)

contraction

d)

trough

16.

The total value of all the goods and services sold by a country is known as what?

a)

GDP

b)

GPA

c)

DGP

d)

PGA