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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.

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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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.

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  1. 1 2 Aproductoftheearth(“giftofnature”)thatpeopleusetomeettheirneedsisaAgood. Bnaturalresource.Cfreeenterprise.Dservice. Thenumberlimitonhowmanyitemsofaparticularproductcanbeimportedfromaparticularcountryisthe Ademand. Bquota.Csupply.Dtariff. 3 4 WhichofthefollowingisNOToneofthebasicquestionsthatalleconomicsystemsmustanswer: AWhattoproduce?BHowtoproduce? CHowmuchtoproduce? DForwhomtoproduce? Theeconomicsystemofcommunistcountriesismostcloselyrelatedtowhichofthefollowing: ACommandeconomy. BMarketeconomy. CTraditionaleconomy. DMixedeconomy.

  2. 5 6 Amarketeconomyisverydifferentfromacommandeconomicsystemoratraditionalsystem. Whichofthefollowingisfoundinamarketeconomy? AFreelabor BCompetitionbetweenbusinessesCGovernmentcontrolofindustry DGovernmentcontrolofagriculture Inacommandeconomy,economicdecisionsaremadebythe Aconsumers. Bmarket. Cgovernment.Dproducers. 7 8 Whoownstheresourcesinacommand economy? AthegovernmentBnoone Cindividuals Dprivatebusinesses Whichisanexampleofhumancapital?AEducation BRoads CFactories DMachinery

  3. 9 10 Howaregoodsandservicesexchangedinatraditionaleconomy? Athroughpricesandwages BthroughgovernmentregulationCthroughbartering Dthroughshortagesandsurpluses Whichtradebarriersetsupacompletebanontradingbetweencountries? Amountain Btariff Cquota Dembargo 11 12 Whatisanexampleofaphysicaltrade barrier?AquotaBtariff Cmountain Dembargo TherearenotrulypureMarketeconomicsystems,butwhichofthefollowingcountriesistheclose? ACuba BRussiaCChina DUnitedStates

  4. 13 14 WhichofthefollowingBESTdescribesamarketsystem?AThegovernmentprovidesservices,suchastelephonesandtelevision. BApersoncanstartanylegalbusinessandchargeany price. CThegovernmentprovidesfoodandhousingtoallworkers. DBusinessesareownedbythegovernment. Whyisitimportantforacountrytoinvestinhumancapital?AAcountryneedsmoneyinordertopayitsworkers. BWorkersenjoygettingextratrainingandjobopportunities.CBusinessescannotdoallthetrainingneededbyworkerstobesuccessful. DAcountry’seconomyismoresuccessfulwhenworkershavegoodeducationandhealthcare. 15 16 Whatisanentrepreneur? AApersonwhostartsanewbusiness.BAleaderofacountry. CAworkerinafactory. DAstudentincollege. Whenagovernmentdecidestoincreaseatariff, itincreasestheamountofataxplacedupon Apeople’sincome.Bimportedgoods. Crenewableresources.Dpeople’sproperty.

  5. 17 18 Mostdemocraticnationshaveeconomies. Amixed. Btraditional.Ccommand. Dmarket. Thisisaneconomicsystemwherepeoplefollowtheoccupationoftheirancestors:Acommand. Bmarket.Cmixed. Dtraditional. 19 20 WhatisaliterateadultLEASTlikelytohave? Agoodhealthcare Bahigh-payingjob CaccesstomoderntechnologyDuneducatedchildren Whatisamainreasonforpeopletoexchangecurrency? Atohaveforeignmoney BtouseAmericandollarstotrade Ctomakemoremoneybytradingcurrencies Dtobuyandsellgoodsandserviceswithother countries

  6. 21 22 WhichofthefollowingwouldbeMOSThelpfultoimprovingacountry’sstandardofliving? AdecreasingtheliteracyrateBincreasingtheliteracyrate Creducingthenumberoffactories Dcreatingmorelow-payingjob Joseisanautomechanicinanearbytown.Hehasdecidedhisownsmalltownneedsitsowncar repairshop,soheplanstoopenanewonenearhishome.Joseisanexampleof ATradesurplusBEntrepreneur CGrossdomesticproductDOpportunityCosts 23 24 Whatarethethreeeconomicsystems?Defineeachone. Whichisanexampleofacompanyinvestingincapitalgoods? Aprovidinghealthcareforworkers BprovidingclassesforworkerstolearnnewskillsCkeepinganoldmachinetoseeifitwilllastlongerDbuyingnewcomputerstobuildproductsmorequickly

  7. 25 26 Whatarethethreetypesof tradebarriers?Defineeach one. Whatarethefourfactorsofproduction?Giveanexampleofeachone. 27 28 ExplainwhytherearenocountrieswithatrulypureMarketeconomy? Howdoesacountry’sliteracyrateaffectitsstandardofliving?

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