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Transcript
Economics Test Study Guide for Test on Sept. 14th (Wednesday) 1. How do Parliamentary and Presidential democracies differ? In a Presidential Democracy the President is elected by the citizens, in an election that is separate from the legislators. A Presidential Democracy has the power of the government divided between the Executive, Legislative, and Judicial branches as a system of checks and balances to keep one branch from becoming too powerful. In a Parliamentary Democracy, Members of Parliament (MPs) are elected by the citizens. Then the Members of Parliament meet in Parliament and choose the Head of the Party with the most seats in Parliament as the Prime Minister. This is much different from the Presidential form because the Prime Minister is both the head of the Executive Branch (Leader of the Nation) and a Member of Parliament or the legislature. In the Parliamentary form the Legislature (Parliament) has most of the power since it chooses the leader, makes and changes laws, taxes and spends money, appoints and fires judges. 2. What is the Literacy Rate of a country? The percentage of citizens who are 15 and older who can read and write. 3. What is Gross Domestic Product or GDP? The total value of all products made and services provided in a country in one year. 4. Who makes the important decisions in an autocracy? The individual ruler/dictator 5. How are economic decisions made in a traditional economy? By customs and habit 6. What is the usual name for the leader of a Parliamentary Democracy? Prime Minister 7. What could be a problem for a location with a traditional economy? People will want things that cannot be made locally. 8. Who is in charge in an Oligarchy? A group of people 9. How are economic decisions made in a command economy? The government or government planners make the decisions 10. Which form of government allows citizens to participate fully and equally? Democracy 11. What could be a problem for entrepreneurs wanting to start a business in a command economy? They would first have to get permission from the government and would probably have to pay a very large tax 12. What three things have been shown to have a positive effect on human capital? Education, training, and health care 13. Who makes economic decisions in a market economy? Individuals who are consumers and the market represented by businesses 14. What type of economy has been successful in times of emergency or war? Command 15. In a market economy, who takes the risk to start a business? Individual business owners known as entrepreneurs. 16. What are some examples of natural resources? Air, water, land, and mineral deposits 17. Why are almost all economies in the world now considered mixed economies? Almost all have a parts of all three economies at work 18. What is the largest ocean in the world? Pacific 19. Why are most economies operating between a market and a command economy? Countries have discovered they need a mix of government control and free market 20. What are cardinal directions? North, south, east, and west 21. What are intermediate directions? Northwest, southwest, northeast, southeast 22. What kind of economy allows people to set their own prices and the government is not involved? Market 23. 0º Longitude is called what? The Prime Meridian 24. What kind of economy has the government regulation business but allows and encourages individuals to start businesses? Mixed 25. What is the meaning of “hemi-“? Half 26. What is a tariff? A tax on goods brought into a country (imports) 27. What is another name for lines of latitude? Parallels 28. What is a quota? A limit on goods brought into a country OR a limit of products allowed for a purchase (like when Kroger says you are limited to five bags of sugar at the sale price). 29. How do autocratic rulers normally get into power? By their bloodline (birth to a ruler) and through the use of force (seizing power) 30. What is an embargo? When a country or individual decides not to buy or trade from a country or others (like Mr. Sheridan’s refusal to buy anything from Toshiba due to something the company did in the Cold War when he served in the Army) 31. How could a high tariff on imported steel help steel companies in America? It would make the price of foreign steel more expensive allowing American steel producers a chance to sell their steel first 32. What is an entrepreneur? Someone who risks their money and time to start a business 33. Why is a system of currency exchange necessary to trade on world markets? It allows a way to pay for products from other countries in the other countries currency and for our country to get paid in dollars 34. If a country does not invest in human capital what could happen to its economy? It might have its GDP decrease