Chart Questions
According to the chart, What two countries has the highest literacy rate?
Germany and the USA
A company makes 4,000 TVs in 1Q at an average price of $200. What is the profit for 1Q?
What are two economic indicators in an economy?
Literacy rate, Population, GDP per capita, Life expectancy.
What economic system involves the bartering of goods and services for other goods and services?
Traditional
According to the chart, what three countries have the lowest GDP?
Ethiopia and Afghanistan
7,930
What is the definition of literacy rate?
The ability for people to read and write.
What economic system allows for the government to only tax or set rules for companies?
Capitalism
According, to the chart which country has a population below 10 million but a GDP in the billions.
Haiti
Germany and China have agreed to trade cars between the countries. Germany has negotiated to produce 12,000 cars every quarter during the year 2023. China will pay Germany $200 a car, but if Germany is late with their production of 12,000 cars during any quarter then the price of each car will drop to $150 for the rest of the year. 1Q and 2Q go smoothly and Germany meets the Chinese demand. Unfortunately in 3Q, production slowed down because there was a series of fires at the German car factories. The Germans still end up producing 12,000 cars but they are late getting the order to the Chinese. How much will the Germans make in 3Q?
What is the 3Q profits?
1,800,000
What is the definition of GDP per capita?
GDP per capita measures a country’s economic output per person.
SIMPLE TERMS: How much do people give to the economy.
What economic system allows for the distribution of goods, services, and money to the population?
Command Economy
What are two reasons for the United States having the highest GDP and why is this true?
Varies on the answer
A company sold 400 desks in 1Q at an avg. price of $44.32. In 2Q, the company produced 524 desks but only 50% of their desk sold at an avg. price of $52.76. In 3Q, the company produced 744 desks but only 75% of the desks sold at an avg. price of $67.94.
What was the profit in 1Q?
What was the profit in 3Q?
What was the increase in profit from Q2 to Q3?
Profit 1Q: $17,728
Profit 3Q: $37,910.52
Increase from Q2 to Q3: $24,087.40
Consistent Income
Essential Products
Shelter
Hobbies and Leisure
In a mixed economy what is the blend between? Also, what is each system in charge of?
Blend:
Capitalism: Business and Income
Command: Social Programs
Which countries' GDP per capita should be higher? Why do you think this is true?
Varies on the answer
A company sold 876 golf clubs in 1Q at an avg. price of $52.32. In 2Q, the company produced 1,092 golf clubs but only 25% of their golf clubs sold at an avg. price of $62.76. In 3Q, the company produced 1,220 golf clubs but only 75% of the clubs sold at an avg. price of $72.47.
What was the profit in 2Q?
What was the profit in 3Q?
What was the increase in profit from Q2 to Q3?
Profit 2Q: $17,133.48
Profit 3Q: $66,310.05
Increase from 2Q to 3Q: $49,176.57
What percentage number do you want to be below to have a really good unemployment rate?
Below 5%
Define the following terms:
Bull Market
Bear Market
Stock Market
Volatility
A bull market is when the prices of stocks are at all time highs.
The stock market is a system where investors can buy and sell shares of public companies.
A bear market is when the prices of stocks are at all time lows.
Volatility is when stock prices change positive or negative on a daily basis.