FREE AND STUDY GAMES ABOUT SOCIAL STUDIES EXAM

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FREE AND STUDY GAMES ABOUT SOCIAL STUDIES EXAM

QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -64 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: In a Market (Capitalism) Economy who keeps the profits?

Answer:

The people: Individuals

Question 2: What is demand?

Answer:

desire to purchase with the power to do so.

Question 3: When do we say that a market has cleared?

Answer:

When supply and demand balance out!

Question 4: What is a description for Command Economy?

Answer:

government decides everything about Economy!

Question 5: What are two command examples?

Answer:

Communism and socialism.

Question 6: What are three ways a country can invest in its human resources?

Answer:

By investing in its human resources, training their human resources, and providing education in its human resources.

Question 7: What is a Quota?

Answer:

limit of the foreign goods they buy or let into their country.

Question 8: In a Socialism Economy Who owns the resources?

Answer:

everyone (really government)

Question 9: Who keeps the profits in a Command Economy?

Answer:

The Government!

Question 10: What are two examples of natural resources?

Answer:

Trees and fruit.

Question 11: What is supply?

Answer:

Quantity of a product or service in market and available for purchase.

Question 12: What are Entrepreneurs?

Answer:

People with ideas that will take risks to start a business.

Question 13: What is literacy rate?

Answer:

The percentage of people who can read and write.

Question 14: What is the definition for Economics?

Answer:

Social Science that deals with the production, Distribution,and Consumption of goods and services.

Question 15: What is an example of a Traditional Economy?

Answer:

Inuit Villages.

Question 16: What is the definition of demand?

Answer:

desire to purchase with power to do so.Question 17: Who would set the equilibrium point for the price of a new type of sneakers?

Answer:

It is set by the market forces.

Question 18: An economic system must answer what three basic questions?

Answer:

What to Produce?, How to Produce it?, and For Whom to Produce?

Question 19: In a Market (Capitalism) Economy who owns the resources?

Answer:

The people: Individuals

Question 20: Who keeps the Profits in a Traditional Economy?

Answer:

There are no money profits the goal is to survive.

Question 21: What is the description for a Market Economy?

Answer:

Government is voluntary operates as a free market.

Question 22: What is an example of Command Economy?

Answer:

North Korea and Cuba.

Question 23: What is exchange rate?

Answer:

rate at which money of one country can be changed for money of another country!

Question 24: What is a good definition for Traditional Economy?

Answer:

Based on customs and traditions.

Question 25: What are the four main types of economic systems?

Answer:

Traditional Economy,Command Economy,Market Economy, and Mixed Economy.

Question 26: What is an import?

Answer:

The bringing in of goods into a country.

Question 27: What are Capital Goods?

Answer:

Items that people need to perform their jobs, invest in it by updating machinery.

Question 28: What is the Standard of Living?

Answer:

the level of wealth and comfort people have in a particular society.