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K - Review
social studies
| Question | Answer |
|---|---|
| What does an economic system do? | determines how to use limited resources |
| Which of the following is NOT a question that should be answered when determining an economic system? | What time to produce |
| __________________ is the limited supply of something. | scarcity |
| In a _______________ economy, the customs and habits of the past are used to decide what and how goods will be produced, distributed, and consumed. | traditional |
| In a centralized ________________ economy, government planning groups make the basic economic decisions. | command |
| In a decentralized _____________ economy, decisions are guided by changes in prices that occur between individual buyers and sellers in the marketplace. | market |
| There are no exampes of ______________ economy in Europe. | traditional |
| Although the new Russian Federation has adopted a more _________ economy, the former Soviet Union was an example of a __________ economy. | mixed; command |
| Other names for market systems are all of the following except: | command |
| Most of Europe operates in a _______________ economy. | Market |
| What is the total value of all the goods and services produced in a country in a year? | Gross Domestic Product (GDP) |
| What is a person who provides the money to start and own a business called? | entrepreneur |
| Education and skills that people have to produce goods and services are | human resources |
| "Gifts of nature" like oil, forests, and water are called | natural resources |
| Which is an example of a natural resources? | forests, gold, oil |
| What is an example of an entrepreneur? | a person who uses her money to start a business selling cell phones |
| Raising the GDP of a country can mean a higher | standard of living |
| Most countries have a ________ economy located on a continuum between pure and market and pure command. | mixed |
| International trade requires a system for exchanging _________ between nations. | currencies |
| Which of the following explanations would reflect a country with a mixed economy? | a combination of privately-owned industry and government control |
| Which is the BEST summary of why European explorations occured? | They were trying to expand their territories, gather riches, and spread their religions. |
| All of the following are true about the Russian Revolution EXCEPT that it: | Lead to the start of the Cold War |
| Rich natural resources, literate workers, and a free market economy are features of the economies in: | Italy, Germany, and Russia |
| Which of the following nations experienced reunificatoin and had to unify two different economic systems? | Germany |
| Before currency, people bartered. This means that: | they would exchange one good for another |
| Investment in human capital includes all of the following EXCEPT: | statistics |
| What is the reason why it would be helpful for many nations of Europe to adopt the Euro as their official currency? | There are so many nations in Europe that are located close to one another. |
| Acid rain was an environmental issue in: | Germany |
| Air pollutin was an environmental problem in: | United Kingdom |
| The Chernobyl nuclear disaster was a problem in: | Ukraine |
| One way that modern trade has improved for European nations is: | through the use of the euro |
| The results of production are manufactured goods. | True |
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TechCentral
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