Study Guide for Government/Economy Quiz (ANSWERS)
1)What is an oligarchy? Small group of people govern; group answers only to themselves and has all the power.
2)What is the basic law? The constitution in Germany.
3)What is free trade? removing trade barriers so that good flow freely among countries
4)What is human capital? Labor used for industry
5)What is an embargo? A ban on trade with a specific country
6)What is gross domestic product? The total market value of all final goods and services produced within the country in a given period of time (usually a calendar year).
7)Know some examples of trade barriers. Tariffs and quota’s
8)What is a tariff? A tax added to the price of goods being imported into a country.
9)What is a traditional economy? Goods and services are shared with all members of the economy (hunters and gatherers).
10)Name some countries with traditional economy. A few parts of Africa and South America, and the Inuit people of Canada
11)How is the Russian Prime Minister chosen? He is selected by the Russian President
12)Name the two houses of government in Germany. Bundestag and Bundesrat. Which is most important? Bundestag (the lower house)
13)What is the British Commonwealth? A confederation of the former countries of the British Empire who work together on common problems and support each other
14)What is a confederation? A group of states or communities that come together to support each other and work on common problems
15)What is a command economy? Government decides what goods will be made and how they will be made.
16)Name some countries with a command economy. China
17)What is an autocrat? A supreme ruler who makes all the laws.
18)How are the Russian Federation Council members chosen?
19)What are the two houses of government in Great Britain? House of Lord and House of Commons
20)What is a mixed economy? Combines traits of traditional, command, and market economies. Individual ownership is encouraged but with government regulations.
21)Give examples of a mixed economy. United States and most nations
22)Which house does the Prime Minister come from? House of Commons
23)What are natural resources? Products of the earth people use to meet their needs.
24)What is an entrepreneur? Someone who takes risks to start a new business.
25)What is currency? A system of money
26)What is a market economy? Goods and services are exchanged without government involvement or regulation.
27)What is a free trade zone? A zone where countries can trade without tariffs.
28)What is literacy? The ability to read and write.