Types of economies
Who decides the economic questions in a command economy?
The government
Which country specializes in oil
Why do people need to exchange currencies when going from country to country
People want to paid in their own nations currency
This is a tax on imported goods
A tariff
Is my sister older or younger than me
Younger
Who decides the economic questions in a market economy?
The people do
Do countries that invest in education systems have more or less entrepreneurs
More
What is specialization?
Making what your country is good at and exporting it while importing things your country cannot make
This is a ban on trade
An embargo
What are 3 common sayings I say as a teacher pretty much daily
Answers may vary
In this type of economy you do whatever jobs you're parent did.
Traditional economy
Does investing in human capital or capital goods improve the literacy rate?
Human capital
What is a literacy rate?
The amount of adults that can read and write.
This is a limit on the amount of goods that can be brought into a country
A quota
What is my favorite sport
Hockey
Country A-13
Country B-91
Country C-64
Country D-51
B,C,D,A
Which country has the most economic freedom
South Africa
What is human capital?
Knowledge and skills required to do a job
Do natural resources impact GDP's
Yes they do!
Which of these random facts about me is NOT TRUE
A. I love sitting on my porch during thunderstorms.
B.I usually wear shorts no matter the temperature outside
C.I can fall asleep pretty much anywhere
D. I don't take elevators or escalators anywhere unless I have to
C
All countries economies' are somewhere between pure command and pure market so thus they are
mixed
If an African country increases their literacy rate what will happen?
The Real GDP per capita will increase and then eventually the standard of living will.
What are capital goods?
A physical object that someone uses to help them with their job (ex. technology)
Why do countries implement trade barriers? AND how do they hurt people
To protect peoples jobs it makes products more expensive.
What 2 beverages do I drink together every morning?
Apple Juice and Red Bull