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Economic Terms Review for Economic Summit

Quiz by A. Croft

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18 questions
Show answers
  • Q1
    Free Market Economy
    Government actions and policies that restrict or restrain international trade, often with the intent of protecting local businesses and jobs from foreign competition.
    Government money given to a business to help them be more successful and competitive.
    Existing or carried on between two or more nations.
    Economy based on supply and demand in which companies and consumers, NOT government, regulates the product and labor.
    30s
  • Q2
    Economy
    The total value of goods produced and services provided in a country during one year.
    The wealth and resources of a country, especially in terms of production and consumption of goods and services.
    Study of the land, places, and environments and how people use them, interact with them, and the impact between them.
    Goods made and used to produce other goods and services. (example: tools, factories, machinery, buildings,...)
    30s
  • Q3
    International
    An economy based on supply and demand in which companies and consumers, NOT government, regulates the product and labor.
    The government of one country puts taxes and duties on the imports from another country as a way to control trade.
    Existing or carried on between two or more nations.
    Study of the land, places, and environments and how people use them, interact with them, and the impact between them.
    30s
  • Q4
    Government
    Goods made and used to produce other goods and services. (example: tools, factories, machinery, buildings,...)
    The total value of goods produced and services provided in a country during one year.
    How a nation, state, or community conducts its policy and actions.
    The process of interaction and integration of national economies, companies, people, and governments worldwide.
    30s
  • Q5
    Gross Domestic Product (GDP)
    Goods made and used to produce other goods and services. (example: tools, factories, machinery, buildings,...)
    Government money given to a business to help them be more successful and competitive.
    Study of the land, places, and environments and how people use them, interact with them, and the impact between them.
    The total value of goods produced and services provided in a country during one year.
    30s
  • Q6
    Globalization
    The total value of goods produced and services provided in a country during one year.
    Level of wealth, comfort, material goods, and necessities available to a person, group, or certain geographic area.
    The process of interaction and integration of national economies, companies, people, and governments worldwide.
    Existing or carried on between two or more nations.
    30s
  • Q7
    Capital Resources
    Goods made and used to produce other goods and services. (example: tools, factories, machinery, buildings,...)
    Study of the land, places, and environments and how people use them, interact with them, and the impact between them.
    How a nation, state, or community conducts its policy and actions.
    Existing or carried on between two or more nations.
    30s
  • Q8
    Tariff
    How a nation, state, or community conducts its policy and actions.
    An economy based on supply and demand in which companies and consumers, NOT government, regulates the product and labor.
    Existing or carried on between two or more nations.
    Government of one country puts taxes and duties on the imports from another country as a way to control trade.
    30s
  • Q9
    Geography
    Study of the land, places, and environments and how people use them, interact with them, and the impact between them.
    The wealth and resources of a country, especially in terms of production and consumption of goods and services.
    Existing or carried on between two or more nations.
    Goods made and used to produce other goods and services. (example: tools, factories, machinery, buildings,...)
    30s
  • Q10
    Standard of Living
    An economy based on supply and demand in which companies and consumers, NOT government, regulates the product and labor.
    Existing or carried on between two or more nations.
    The government of one country puts taxes and duties on the imports from another country as a way to control trade.
    Level of wealth, comfort, material goods, and necessities available to a person, group, or certain geographic area.
    30s
  • Q11
    Subsidy
    Government money given to a business to help them be more successful and competitive.
    An economy based on supply and demand in which companies and consumers, NOT government, regulates the product and labor.
    Government actions and policies that restrict or restrain international trade, often with the intent of protecting local businesses and jobs from foreign competition.
    Study of the land, places, and environments and how people use them, interact with them, and the impact between them.
    30s
  • Q12
    Protectionism (Restriced Trade)
    Existing or carried on between two or more nations.
    Goods made and used to produce other goods and services. (example: tools, factories, machinery, buildings,...)
    Government actions and policies that restrict or restrain international trade, often with the intent of protecting local businesses and jobs from foreign competition.
    Government money given to a business to help them be more successful and competitive.
    30s
  • Q13
    Which has an example of an opportunity cost?
    Your country uses its trees to sell lumber to other countries instead of using the trees to build government buildings.
    Your country cannot find lumber from any sources and has to find new ways to build their famous landmarks.
    Your country buys lumber from outside sources for a limited price and then sells it to its wealthiest landowners.
    Your country sells twenty-two packages of lumber to the highest bidding country for a high price.
    30s
  • Q14
    What is GDP per capita?
    The Granted Dominion Projectory of a country multiplied by its population.
    The Grand Democratic Production of a country divided by its highest monetary value.
    The Gross Detailed Parcels of a country multiplied by its lowest money value.
    The Gross Domestic Product of a country divided by its population.
    30s
  • Q15
    A country has a goal to improve its standard of living and helps its economy to grow. Which is an example of long-term improvements toward this goal?
    Investing in a large supply of lottery tickets from a poor country.
    Taking out a loan from one country and borrowing money from another.
    Investing in education, technology, and roadways.
    Lending money to a country with a two-year repayment.
    30s

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