Economic And Governmnet Test Review

Question 1

What are the three economic systems?

Answer 1

Market, traditional, and command

Question 2

What are the three basic questions that every economic system must answer?

Answer 2

What product/service will be produced? How will it be made? Who will consume/ buy it?

Question 3

How do traditional economies exchange goods?

Answer 3

Through bartering

Question 4

Which country is closest to a true Market economy?

Answer 4

The United States

Question 5

In this system, your parents were peanut farmers, so now you have to be a peanut farmer too.

Answer 5

Traditional

Question 6

A literate is someone who can…

Answer 6

Read and write

Question 7

What does “literacy rate” mean?

Answer 7

Percentage of people who can read and write over 15.

Question 8

Why do you think it’s this way?

Answer 8

Because they invested in human capital.

Question 9

What is a standard of living?

Answer 9

How well- off a country’s population is

Question 10

Describe the cycle of poverty.

Answer 10

If one a community hits poverty and take generations to recover/get out of poverty