ECONOMIC SYSTEMS
UK, Germany, or Russia, this country's economy is most command-leaning.
What is Russia?
$100: This is a tax on imported goods.
A) What is a Tariff?
B) What is a Quota?
C) What is an Embargo?
What is a Tariff?
$100: This type of capital improves skills and knowledge through education and training.
A) What are Natural Resources?
B) What is Human Capital?
C) What are Capital Goods?
What is Human Capital?
$100: This type of trade happens when both sides agree and benefit.
A) What is Voluntary Trade?
B) What is Barter?
C) What is an Embargo?
What is Voluntary Trade?
$100: Countries invest in human capital for this reason.
A) What is to increase GDP by improving worker skills?
B) What is to reduce trade?
C) What is to raise tariffs?
What is to increase GDP by improving worker skills?
$200: This system combines government and private decisions.
A) What is a Command Economy?
B) What is a Mixed Economy?
C) What is a Market Economy?
What is a Mixed Economy?
$200: This limits the amount of goods imported.
A) What is a Tariff?
B) What is a Quota?
C) What is an Embargo?
What is a Quota?
$200: These goods include machines and tools used to make products.
A) What are Capital Goods?
B) What is Human Capital?
C) What are Natural Resources?
What are Capital Goods?
$200: This is necessary because countries have different currencies.
A) What is a Tariff?
B) What is Currency Exchange?
C) What is a Quota?
What is Currency Exchange?
$200: These three actions increase GDP.
A) What are investing in education, upgrading technology, and encouraging entrepreneurship?
B) What are raising tariffs, limiting imports, and banning trade?
C) What are printing more money, lowering literacy, and reducing jobs?
What are investing in education, upgrading technology, and encouraging entrepreneurship?
$300: When a country moves from command to mixed economy, citizens gain this freedom.
A) What is the freedom to choose jobs and start businesses
B) What is the freedom to avoid paying taxes
C) What is the freedom to stop trading
What is the freedom to choose jobs and start businesses?
$300: Country X limits imports of cars to 500 units per year. This is called what?
A) What is a Tariff?
B) What is a Quota?
C) What is an Embargo?
What is a Quota?
$300: Oil, timber, and minerals are examples of this factor of production.
A) What is Entrepreneurship?
B) What are Natural Resources?
C) What is Human Capital?
What are Natural Resources?
$300: The main reason for this is so countries can trade and invest with each other.
A) What is Currency Exchange?
B) What is Specialization?
C) What is a Tariff?
What is Currency Exchange?
$300: Country B invests in education and technology. What effect will this have?
A) What is GDP will likely increase?
B) What is GDP will decrease?
C) What is trade will stop?
What is GDP will likely increase?
$400: This term means the value of what is given up when a choice is made.
A) What is Scarcity?
B) What is Opportunity Cost?
C) What is Specialization?
What is Opportunity Cost?
$400: Country Y charges a 10% tax on imported steel. This is called what?
A) What is a Tariff?
B) What is a Quota?
C) What is an Embargo?
What is a Tariff?
$400: This factor of production includes factories and machines used to produce goods.
A) What is Human Capital?
B) What are Capital Goods?
C) What are Natural Resources?
What are Capital Goods?
$400: This benefits countries by letting them focus on goods they produce best and trade for others.
A) What is Specialization?
B) What is a Quota?
C) What is a Tariff?
What is Specialization?
$400: Country C imposes high tariffs on imports. What is MOST likely?
A) What is domestic industries will be protected, but prices may rise?
B) What is imports will increase?
C) What is GDP will fall immediately?
What is domestic industries will be protected, but prices may rise?
$500: This rate measures the percentage of people over age 15 who can read and write.
A) What is Literacy Rate?
B) What is GDP?
C) What is Unemployment Rate?
What is Literacy Rate?
$500: A country bans all trade with another nation. This is called what?
A) What is a Tariff?
B) What is a Quota?
C) What is an Embargo?
What is an Embargo?
$500: People who take risks to start businesses and invest money are called this.
A) Who are Entrepreneurs?
B) Who are Investors?
C) Who are Producers?
Who are Entrepreneurs?
$500: Countries do this to increase efficiency and GDP by producing at lower opportunity cost.
A) What is Specialization?
B) What is Currency Exchange?
C) What is Entrepreneurship?
What is Specialization?
$500: A country invests heavily in human capital but neglects capital goods. What is MOST likely?
A) What is productivity may suffer because workers lack modern tools?
B) What is GDP will skyrocket?
C) What is trade will stop?
What is productivity may suffer because workers lack modern tools?