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I n a c o m mand e c o no m y, e c o n om i c d e c i s ions a r e m a d e by t h e A consumers. - PowerPoint PPT Presentation


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1. 2. A p r o d u ct o f t h e e a r th ( “ g i f t o f n a t u r e”) t h at p e o p le u s e to m ee t t h e ir n ee ds is a A go o d. B na t ural r e source. C free e n t erprise. D service.

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Aproductoftheearth(“giftofnature”)thatpeopleusetomeettheirneedsisaAgood.

Bnaturalresource.Cfreeenterprise.Dservice.

Thenumberlimitonhowmanyitemsofaparticularproductcanbeimportedfromaparticularcountryisthe

Ademand.

Bquota.Csupply.Dtariff.

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4

WhichofthefollowingisNOToneofthebasicquestionsthatalleconomicsystemsmustanswer:

AWhattoproduce?BHowtoproduce?

CHowmuchtoproduce?

DForwhomtoproduce?

Theeconomicsystemofcommunistcountriesismostcloselyrelatedtowhichofthefollowing:

ACommandeconomy.

BMarketeconomy.

CTraditionaleconomy. DMixedeconomy.


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6

Amarketeconomyisverydifferentfromacommandeconomicsystemoratraditionalsystem. Whichofthefollowingisfoundinamarketeconomy?

AFreelabor

BCompetitionbetweenbusinessesCGovernmentcontrolofindustry

DGovernmentcontrolofagriculture

Inacommandeconomy,economicdecisionsaremadebythe

Aconsumers.

Bmarket.

Cgovernment.Dproducers.

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8

Whoownstheresourcesinacommand

economy?

AthegovernmentBnoone

Cindividuals

Dprivatebusinesses

Whichisanexampleofhumancapital?AEducation

BRoads

CFactories

DMachinery


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Howaregoodsandservicesexchangedinatraditionaleconomy?

Athroughpricesandwages

BthroughgovernmentregulationCthroughbartering

Dthroughshortagesandsurpluses

Whichtradebarriersetsupacompletebanontradingbetweencountries?

Amountain

Btariff Cquota

Dembargo

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12

Whatisanexampleofaphysicaltrade

barrier?AquotaBtariff

Cmountain

Dembargo

TherearenotrulypureMarketeconomicsystems,butwhichofthefollowingcountriesistheclose?

ACuba BRussiaCChina

DUnitedStates


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WhichofthefollowingBESTdescribesamarketsystem?AThegovernmentprovidesservices,suchastelephonesandtelevision.

BApersoncanstartanylegalbusinessandchargeany

price.

CThegovernmentprovidesfoodandhousingtoallworkers.

DBusinessesareownedbythegovernment.

Whyisitimportantforacountrytoinvestinhumancapital?AAcountryneedsmoneyinordertopayitsworkers.

BWorkersenjoygettingextratrainingandjobopportunities.CBusinessescannotdoallthetrainingneededbyworkerstobesuccessful.

DAcountry’seconomyismoresuccessfulwhenworkershavegoodeducationandhealthcare.

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Whatisanentrepreneur?

AApersonwhostartsanewbusiness.BAleaderofacountry.

CAworkerinafactory.

DAstudentincollege.

Whenagovernmentdecidestoincreaseatariff, itincreasestheamountofataxplacedupon

Apeople’sincome.Bimportedgoods.

Crenewableresources.Dpeople’sproperty.


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Mostdemocraticnationshaveeconomies.

Amixed.

Btraditional.Ccommand.

Dmarket.

Thisisaneconomicsystemwherepeoplefollowtheoccupationoftheirancestors:Acommand.

Bmarket.Cmixed.

Dtraditional.

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WhatisaliterateadultLEASTlikelytohave?

Agoodhealthcare

Bahigh-payingjob

CaccesstomoderntechnologyDuneducatedchildren

Whatisamainreasonforpeopletoexchangecurrency?

Atohaveforeignmoney

BtouseAmericandollarstotrade

Ctomakemoremoneybytradingcurrencies

Dtobuyandsellgoodsandserviceswithother

countries


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WhichofthefollowingwouldbeMOSThelpfultoimprovingacountry’sstandardofliving?

AdecreasingtheliteracyrateBincreasingtheliteracyrate

Creducingthenumberoffactories

Dcreatingmorelow-payingjob

Joseisanautomechanicinanearbytown.Hehasdecidedhisownsmalltownneedsitsowncar repairshop,soheplanstoopenanewonenearhishome.Joseisanexampleof

ATradesurplusBEntrepreneur

CGrossdomesticproductDOpportunityCosts

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Whatarethethreeeconomicsystems?Defineeachone.

Whichisanexampleofacompanyinvestingincapitalgoods?

Aprovidinghealthcareforworkers

BprovidingclassesforworkerstolearnnewskillsCkeepinganoldmachinetoseeifitwilllastlongerDbuyingnewcomputerstobuildproductsmorequickly


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Whatarethethreetypesof tradebarriers?Defineeach one.

Whatarethefourfactorsofproduction?Giveanexampleofeachone.

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ExplainwhytherearenocountrieswithatrulypureMarketeconomy?

Howdoesacountry’sliteracyrateaffectitsstandardofliving?


Nam e
Name:________________________


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