Economic & Goverment Test Review Flashcards
1
Q
What are 3 basic questions that every economic system must answer?
A
What product will be produced? How will it be named? And who buys it?
2
Q
Which country is closest to a true Market economy
A
USA
3
Q
A literate person is who can
A
Read and write
4
Q
What dose “ literacy rate” mean
A
Percentage people that can read and write over 15
5
Q
What is a standard of living
A
How well off a country population is
6
Q
Describe the “cycle of poverty”
A
If a country hits poverty it takes it generation to recover out of poverty
7
Q
What are the two types of government
A
Limited and unlimited
8
Q
What are the 2 types of limited government
A
Direct and representative
9
Q
Give an example of a limited government ruler
A
Constitutional monarchy
10
Q
Give an example of an unlimited government ruler
A
Dictatorship
