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Econ Questions
Questions to study for Economics CA
| Question | Answer |
|---|---|
| Why was the European Union formed? | To unite European countries after World War II through stronger political and economical ties among the member nations. |
| Why do countries in the EU need a common currency? | Similar to speaking different languages, using different currencies can slow down trade. To increase trade among EU nations and make it easier, many countries use the Euro in the EU. This was created in the 1990s. |
| How does a country's GDP (gross domestic product) relate to its literacy rate? | If the country's GDP is high, so is its literacy rate. When a country is wealthier (thus its GDP is high), it has more resources to spend on eduction, which results in a more literate public. More money in a country = more eduction in a country. |
| If a country's literacy rate is high, what can we predict about its human capital? | When a country's people have more education and higher literacy rate, their specialization shifts towards jobs that require more education and training. |
| What are four factors of production involved in making the Hershey Kiss chocolate? | natural resources (cocoa bean), human resources/capital (person picking the bean), capital goods (the conching machine), and entrepreneurship (Mr. Hershey's took a risk by investing in his idea and invention) |
| In terms of trade relations, how would I know the USA is not a part of the EU? | There are trade barriers between EU and the USA. For example, there is a tariff on cheeses from France and the EU puts tariffs on US products to protect their businesses. The US does not have free trade agreements like EU nations do with each other. |
| What are examples of physical trade barriers in Russia? | Permafrost, Ural Mountains, and frozen ground in regions such as Siberia. |
| How did Mr. Hershey's entrepreneurship raise the GDP in the USA? | Through his invention of the Hershey Kiss, he created jobs and production of a product (the hershey kiss) that people wanted. |
| Countries that are landlocked (surrounded by land) will have a harder time to trade with other countries. Why would countries such as the United Kingdom, Italy, Greece, Japan, and the United States have easier trade conditions? | Because they have access to oceans, so international goods can easily come in and out of port. (Remember the pictures of the shipping containers on the huge barges?) |
| What type of economic system are most countries? | mixed (not purely command, traditional, or market) |
| If Russia's government makes it harder for its people to start their own business, which end of the economic system spectrum would it go towards? | Limiting free enterprise and private business will push a country towards a Command System. |
| The breadlines and "Universal Supermarket" we learned about in the Soviet Union is a product of what type of economic system? | Command (government decides and plans out economic choices and property) |
| The Inuit (Eskimos) people in the video do not have a demand soap because they have always used tea for cleaning purposes. What type of system is this? | Traditional Economy |
| When Tom the Turkey was produced the fastest, even though the quality wasn't the best, workers were rushed, injured, and some were not paid, what type of economic system was simulated in this example? How do you know? | Pure Market Economy. The goal was only to create a profit. The workers did not have a right to protest they were not paid and if they were injured on the job, there were no laws to protect them. The business has all the control. |
| When Joseph Stalin was in power, the people of the Soviet Union were assigned places to live. The government owned and controlled property; there was no private property. What type of an economic system is this? | Command Economy. |
| What happened to Russia when it tried to make a change from a Command to a Market Economy in the early 1990s? | It struggled with corruption from leaders who had always had control trying to keep that control through illegal practices. People lacked creativity and innovation. They ended up in the middle of the economic spectrum, but closer to command than market. |
| REVIEW: Who had the power when Russia was an autocracy under the rule of Czar Nicholas II? | One person, the czar. One person holds the power in an autocracy; one person rules. |
| REVIEW: EU countries are mixed economies but lean towards market more than command. What form of government must EU countries have? | Democratic |
| Why is a confederation like a peanut butter and jelly sandwich? | Because they make great partners. A confederation is strengthened through its partnerships. Jelly is better with peanut butter, and peanut butter is better with jelly. |
| REVIEW: In the UK's parliament, which legislative body has the most power? | The House of Commons has more power than the House of Lords. |
| If you have a product to sell in the European Union, why would free trade help your sales? Why would a common currency help your sales? | In the EU, free trade allows for more access to products and consumers in more nations without trade barriers between nations. A common currency like the EURO will make it easier to trade between different countries, too. |
| If Russia wanted put an embargo on steel made in the United States, what could be inferred about the political relationship (i.e., are we still friends)? | The political relationship may be strained. Countries use embargoes to put political pressure on a country by completely cutting off trade of one or more products. |
| If a country in South America has an abundance of cocoa bean trees, what might they specialize in? | They can specialize in products that need cocoa, such as chocolate. The climate may be just what the cocoa tree needs to grow in nature, and the people of South America know how to grow the tree well, so they can specialize in this trade area. |
| What are the three questions used to determine an economic system? | What is produced? Who produces it? For whom is it produced? |
| REVIEW:How is the UK's and Russia's government alike? | They citizens elect members of the country's lawmaking body. |
Created by:
isoncarrie