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Econ and Gov Review
Week 12 Quiz
| Question | Answer |
|---|---|
| What 3 economic questions are asked when studying the similarities of a traditional, command and market economy among nations of the world? | What to produce, how to produce, and for whom to produce? |
| Poland is building new factories and using newer technology. These are examples of | Investment in capital goods |
| A ___________economy when is the government decides how much of a product should be made, the materials it will be made from, and who will distribute it. | Command |
| An ____________ is a person who comes up with a product or service, and takes a business risk. | Entrepreneur |
| A ___________economy is when customs and habits from the past determine how much of a product should be made, the materials it will be made from, and who will distribute it. | Traditional |
| A ___________economy is when the producers and consumers decide, government influence, how much of a product should be made, and the materials it will be made from, and who will distribute it. | Market |
| The total market value of goods and services produced by a country’s economy in a specific year is called _______________. | Gross Domestic Product |
| Because most economies have characteristics of both the command and the market economy, they are | mixed |
| Which is an example of investing in human capital? | Education |
| Which of the following explanations would reflect a country with a mixed economy | . A combination of privately-owned industry and government control |
| a small group of wealthy land owning families that holds all of the political power in your nation. | Oligarchy |
| What form of government must all European Union countries be? | Democracy |
| A voluntary alliance between political organizations that rule themselves, like the European Union | Confederation |
| . The ruler of your country has always made all of the political and economic decisions for the country.He alone makes the decisions and has unlimited power. | Autocracy |
| Central Government has all power | Unitary |
| loose alliance, political units control their own laws; | confederation |
| power is divided between central government and smaller political units | federal |
| natural resources | things that come from the land like minerals or trees |
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