NEW
Font size
WorksheetsU1L6 HW Intro on Quizizz
Total questions: 46
Worksheet time: 12hrs 30mins
What is an economy?
A system where only businesses operate independently
A system where government and businesses work together
A system where consumers provide goods and services
A system where only the government controls everything
In an economy, what do businesses provide to consumers?
Income and labor
Taxes and spending
Goods and services
Supply and demand
What role do consumers play in the economy?
They provide taxes and spending
They provide goods and services
They provide income and labor
They control the government
What is the primary function of economic systems?
To create new technologies
To manage the selection, production, distribution, and consumption of goods and services
To establish political boundaries
To promote cultural activities
Which economic system is also known as a Free Market?
Centrally planned
Capitalism
Mixed
Socialism
In a centrally-planned economy, who controls all economic decision making?
Private businesses
The government
Individual citizens
International organizations
Which of the following is an example of a centrally-planned economy?
United States
Germany
North Korea
Japan
What does the government own in a centrally-planned economy?
Only factories
Only natural resources
Natural resources, farms, and factories
Only farms
In a capitalistic economy, who determines what will be produced?
The government
Consumers
Producers
Banks
In a capitalistic economy, what is a business free to own?
Public property
Private property
Government assets
Community resources
What is a mixed economy?
An economy that is purely centrally-planned
An economy that is purely capitalistic
An economy that combines elements of both centrally-planned and capitalistic systems
An economy that has no government involvement
Which of the following is an example of a service provided by the public sector?
Fast food restaurants
Education system
Retail stores
Private banks
What does GDP stand for in economic indicators?
Gross Domestic Product
Global Development Plan
General Domestic Policy
Gross Domestic Price
What does the unemployment rate measure?
The percentage of people without jobs that are currently seeking employment
The percentage of people with jobs
The percentage of people in school
The percentage of people who are retired
What does the inflation rate indicate?
The rate at which prices for goods and services rise
The rate at which unemployment decreases
The rate at which GDP grows
The rate at which taxes are reduced
Which economic goal is measured by the Gross Domestic Product (GDP)?
Keep the economy growing over time
Limit unemployment
Keep prices stable
Increase exports
Which economic goal is measured by the inflation rate?
Keep the economy growing over time
Limit unemployment
Keep prices stable
Increase savings
What does GDP measure?
The total market value of all goods and services produced within a country in one year
The total population of a country
The total exports of a country
The total number of businesses in a country
What does the unemployment rate represent?
The percentage of people who are not looking for work
The percentage of the total labor force that is unemployed but actively seeking employment
The percentage of people who are employed
The percentage of people who are retired
How do businesses compete for labor?
By reducing working hours
By offering higher wages, better working conditions, or excellent benefits
By hiring fewer employees
By increasing product prices
What is inflation?
A decrease in the average level of all prices
A persistent rise in the average level of all prices
A temporary rise in the average level of all prices
A stable level of all prices
What effect does inflation have on the purchasing power of money?
Increases purchasing power
Reduces purchasing power
Has no effect on purchasing power
Stabilizes purchasing power
Which of the following is a consequence of inflation?
Businesses spend less on products/services
Consumers buy more
Costs are passed on to the consumer
Prices remain stable
What is the main characteristic of a domestic business?
It operates internationally.
It takes place within a country's borders.
It involves foreign trade.
It requires multiple currencies.
What does international business involve?
Only local transactions
Creating, shipping, and selling goods/services across international borders
Operating within a single country
Exchanging goods without shipping
What term describes the interconnectedness of countries in the global economy?
Isolation
Independence
Interdependence
Segregation
Which of the following is a benefit of international business related to labor costs?
Access to many markets
Cheaper labor reduces production costs
Increased quality of goods
Access to resources
How does international business increase the quality of goods?
By limiting access to resources
By using the strengths of other countries
By increasing labor costs
By reducing market access
What is an example of using the strengths of other countries in international business?
Producing all parts of a product domestically
German engineers produce BMW engines, then cars assembled in the U.S.
Reducing the quality of goods
Limiting access to foreign markets
Why is access to resources considered a benefit of international business?
It increases production costs
It limits market access
Other countries might have natural resources not available in this country
It reduces the quality of goods
What is one benefit of international trade?
It limits market competition.
It restricts access to foreign goods.
It allows countries to expand their markets.
It increases domestic product prices.
How does international trade affect market pricing?
It makes pricing less competitive.
It results in more competitive pricing.
It increases the cost of products.
It has no effect on pricing.
What is the definition of imports?
Selling goods or services to another country
Bringing in goods or services produced elsewhere to sell in this country
Producing goods domestically for local consumption
Exchanging goods within the same country
Which of the following is a top import to Canada?
Gold
Electrical Machinery
Delivery Trucks
Natural Gas
What is the definition of exports?
Bringing in goods or services produced elsewhere to sell in this country
Selling a good or service from this country to another country
Producing goods domestically for local consumption
Exchanging goods within the same country
Which of the following is a top export from the U.S.?
Refined Petroleum
Delivery Trucks
Civilian Aircraft Parts
Computers
Which country has the highest global manufacturing output?
United States
China
Japan
Germany
What percentage of global manufacturing output does the United States contribute?
28.4%
16.6%
7.5%
5.8%
Which country ranks third in global manufacturing output?
Germany
India
Japan
South Korea
What is the global manufacturing output percentage of Germany?
5.8%
3.3%
2.3%
1.9%
Which country contributes 3% to the global manufacturing output?
India
South Korea
Italy
France
Which of the following is one of the top 10 demanded U.S. manufactured exports?
Textiles
Transportation Equipment
Furniture
Toys
What category includes products like computers and electronic devices in the top U.S. exports?
Food Products
Machinery
Computer and Electronic Products
Primary Metal
Which of the following is NOT listed as a top 10 U.S. manufactured export?
Chemicals
Food
Automobiles
Electrical Equipment
What type of products are included in the category "Medical Equipment, Sporting Goods, and Miscellaneous"?
Primary Metal
Fabricated Metal Products
Medical Equipment, Sporting Goods, and Miscellaneous
Petroleum and Coal Products
What is the current US Gross Domestic Product?
$48.62 Trillion
$4.81 Trillion
$147.35 Billion
$29.02 Trillion
