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Economical Systems Review

This review covers essential topics in economics including trade balance, comparative advantage, and the role of international organizations like the WTO. Learners will explore terms such as trade surplus, tariffs, and trade deficits while understanding the implications for countries' economies. The review emphasizes different economic systems such as market, command, and mixed economies, as well as the concepts of globalization and economic diplomacy. By grasping these concepts, students will build a solid foundation for analyzing economic interactions within and between nations.

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Economical Systems Review

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  1. Economical Systems Review Unit 2

  2. Review • The ____ is the difference between the value of a nation’s exports and its imports. • a. trade surplus • b. balance of trade • c. exchange rate • d. trade barrier

  3. Review • ____ is a country’s ability to produce a good at a lower opportunity cost than another country can. • a. Quota • b. Tariff • c. Comparative advantage • d. Productive capacity

  4. Review • The WTO is an international organization that • a. institutes trade barriers. • b. sets discount rates. • c. oversees trade. • d. sets the exchange rate.

  5. Review • This organization allows for the free movement of goods, services, and workers among 15 countries. • a. EU • b. WTO • c. WWF • d. NAFTA

  6. Review • What is the name for a system in which private citizens own the factors of production? • a. mixed economy • b. traditional economy • c. command economy • d. market economy

  7. Review • ____ goods give Americans access to products they might not have otherwise been able to enjoy. • a. Imported • b. Exported • c. Quota • d. Domestic

  8. Review • A small percentage of goods produced in the United States are ____, or sold to other countries. • a. exported • b. tariffed • c. traded • d. imported

  9. Review • What combines basic elements of a pure market economy and a command economy? • a. traditional economy • b. mixed economy • c. market economy • d. command economy

  10. Review • ____ is the belief that the means of production should be owned by society, either directly or through the government. • a. Capitalism • b. Fascism • c. Socialism • d. Communism

  11. Review • A ____, or customs duty, is a tax on an imported good. • a. quota • b. tariff • c. trade barrier • d. restriction

  12. Review • What eliminated all trade barriers among the United States, Canada, and Mexico? • a. NAFTA • b. WTO • c. NASCAR • d. EU

  13. Review • Which of the following is a result of a trade deficit? • a. communism fails • b. trade is balanced • c. the currency gains value • d. the currency loses value

  14. Review • The ____ is the price of one nation’s currency in terms of another nation’s currency. • a. currency trade • b. exchange rate • c. currency rate • d. free trade

  15. Review • What is a limit placed on the amount of foreign goods imported? • a. tariff • b. key trade • c. sanction • d. quota

  16. Review • A country has a trade ____ when the value of the products it imports exceeds the value of the products it exports. • a. surplus • b. barrier • c. deficit • d. balance

  17. Review • What is the belief in a classless, ungoverned society in which property would all be held in common? • a. capitalism • b. socialism • c. communism • d. fascism

  18. Review • A ____ is a system in which the major economic decisions are made by the central government. • a. mixed economy • b. traditional economy • c. command economy • d. market economy

  19. Review • This measure expresses GDP in terms of each person in a country. • a. per capita GDP • b. real GDP • c. balanced GDP • d. market GDP

  20. Review • What term refers to a system in which things are done “the way they have always been done.” • a. mixed economy • b. command economy • c. market economy • d. traditional economy

  21. Review • ____ refers to convincing countries not to pass laws that block or limit trade. • a. Free trade • b. Market economy • c. Developing economy • d. Economic diplomacy

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