Economics

Question 1

The sun and trees are both examples of a ___ because they cannot be used up.

Answer 1

renewable resource

Question 2

Roberto decided to take his life savings and open his own video game store. Roberto is an example of a(n) ___.

Answer 2

entrepreneur

Question 3

If the US brought in a shipment of Toyota Prius’ from Japan, then those Prius’ would be an example of a(n) ___ for the US.

Answer 3

import

Question 4

If you live in a country where the government decides what to produce, how to produce it, and who gets it, you are living in a country with a ___ economy.

Answer 4

command

Question 5

If there were 1000 Wii’s available at Game Stop, that would be known as the ___.

Answer 5

supply

Question 6

The dollar bill, the Euro, and the Peso are all examples of a country’s ___.

Answer 6

currency

Question 7

Tariffs, mountain ranges, and the Berlin Wall were all examples of ___ because they make trade more difficult.

Answer 7

trade barriers

Question 8

A computer programmer, a dentist, and a teacher are all examples of ___ because all three perform a job or service.

Answer 8

human resource

Question 9

There are no tariffs involved in trading between the US and Mexico; therefore, they participate in ___.

Answer 9

free trade

Question 10

Even though the US and Germany use different currencies (dollar and Euro), they are still able to trade with one another thanks to the ___.

Answer 10

IER International Exchange Rate

Question 11

The fact that the US has a large number of cars, televisions, cell phones, and expensive homes means that the US has a very high ___.

Answer 11

standard of living

Question 12

Coal and natural gas are examples of ___ because once they are used up, they are gone forever.

Answer 12

nonrenewable resources

Question 13

If you live in a country where you can start your own business, decide on the price of your product, and decide who to sell your product to, then you are living in a country with a ___ economy.

Answer 13

market

Question 14

Haiti is an example of a ___ country because they have very little industry and their economy is poor.

Answer 14

developing

Question 15

If there are 2,000 people who want a Wii from the Mall of Georgia Game Stop, then the ___ for those Wiis is very high.

Answer 15

demand

Question 16

If the US agrees to let Japan ship Toyota Prius’ into the country, but they place a limit of only 100,000 cars, then the US has placed a ___ on the number of Prius’ sold.

Answer 16

quota

Question 17

If you live in a country where the individual makes some of the business decisions, and the government makes some business decisions, then you are living in a country with a ___ economy.

Answer 17

mixed

Question 18

If the US trades away 1000 tons of wheat to Brazil, then they would be ___ the wheat.

Answer 18

exporting

Question 19

Trade between Cuba and the US is impossible because both countries have placed a(n) ___ on trade.

Answer 19

embargo

Question 20

If Germany adds up the total of all their goods and services produced in one year and it totals $17 trillion, then that $17 trillion would be their country’s ___.

Answer 20

GDP - Gross Domestic Product

Question 21

If you live in a small island country that has been made up of mainly tiny fishing villages for many generations, then you most likely live in a country with a ___economy.

Answer 21

traditional

Question 22

Natural gas, trees, and metals are all examples of ___ because they are goods that come from the Earth.

Answer 22

natural resources

Question 23

If a McDonald’s employee takes courses to learn the cooking process or takes training to learn the register, then that is an example of ___ because they are improving their job skills.

Answer 23

human capital

Question 24

Every country must decide what goods to produce, how they will produce them, and who they will produce them for. Based on how they answer these questions determine their ___.

Answer 24

Economic system