Download Economic Test STUDY GUIDE

Economics Test Study Guide
10. What is a continuum? Draw an example using
North Korea, Cuba United States and Hong Kong.
1. A country that invests in human capital will
probably have a more successful economy. Why?
2. What type of trade barrier could the United
States use to set a strict limit on the amount of cars
imported into our country?
3. What is usually true about a country’s literacy
rate and its standard of living?
4. What is an entrepreneur? Provide an example.
11. Which country shown in your example
continuum diagram has the LEAST free economy?
Why?
12. According to your example continuum
diagram, which country would be BEST to start a
business in your example continuum diagram?
Why?
13. According to your diagram, the government
makes more economic decisions and owns larger
parts of the economy in which two countries?
Why?
5. What is a natural resource? Provide an example.
14. How do economists use a continuum?
6. What might be a problem while exchanging
currency?
7. What is a tariff? Provide an example.
8. What is a way that entrepreneurs help increase
the Gross Domestic Product (GDP) of a country?
15. What is a quota? Provide an example?
16. A bridge over a river that connects two towns
would be an example of investment in human
capital or physical capital.
17. What is a surplus? Provide an example.
18. In a traditional economy, what describes the
typical relationship of producers and consumers?
9. What is physical capital? Provide an example.
19. What is the economic term for the final use of
a product?
Name ___________________________________
20. When my country buys products manufactured
in your country, what do we call your foreign
products?
21. What is a market?
22. What situation might keep an embargo against
a country from being successful?
23. Rent, car payment, student loan, electricity
bill, groceries: What are all these?
24. Entrepreneurs often need a big pile of money
to start their business. What do economists call
this big pile of money?
25. Write a definition for Gross Domestic Product
(GDP)?
26. Here are some statistics from my report on the
country Mr. Taylor.
Literary Rate: 95%
Life Expectancy: 72 years
Rate of childhood vaccinations: 95%
People with clean drinking water: 98%
What is the title of my report?
27. What is a mixed economy?
28. What is free trade? Provide an example.
29. What is the difference between per capita
GDP and GDP?