UNIT 7 EXAM (RACMMS)
starstarstarstarstarstarstarstarstarstar
by J. Walker
| 35 Questions
1
2.5 pts
Select ALL of the following answer choices that are examples of capital goods?

(There may be more than one answer.)
an assembly line for faster mass production
taking classes at a college to obtain a degree
fruits and vegetables being farmed
a sewing machine
a school installing better computers
2
4 pts
Select ALL of the following answer choices that are examples of human capital.

(There may be more than one answer.)
job training at the local steel mill
increased computer skills
power plant that generates hydroelectricity
a tobacco farm
learning a second language at school
3
2.5 pts
Machinery, factories, computers, and equipment are all examples of __________________________________.
human capital
entrepreneurship
capital goods
natural resources
4
2.5 pts
Computer skills, reading and writing skills, job training, education, and healthcare are all examples of ______________________.
A human capital
B capital goods
C entrepreneur
D natural resources
5
1 pt
If a country has a LOW Literacy rate them most likely they will have a HIGH standard of living?
True
False
6
4 pts
Select all of the following that are natural resources.

(There may be more than one answer.)
A fish
B arable land
C job training
D timber
E computers
7
3 pts
Under which economic system would everything MOST LIKELY be owned and controlled by the government?
8
2.5 pts
Canada trades with the United States more than it does with any other country. Industrially, private ownership among its citizens has made Canada one of the most advanced countries in the Western Hemisphere, with massive investment taking place since 1994. Still, over 1 million people live in government-owned housing and millions more are covered by government operated health care.

These facts show that Canada has a
mixed economy
command economy
market economy
traditional economy
9
3 pts
Based on the economic continuum, in which country would citizens MOST LIKELY have the highest level of government regulation in the economy?
10
2.5 pts
Tariffs, quotas, embargos, and subsidies are examples of
trade deficits
sanctions
trade barriers
restrictive licenses.
11
3 pts
What is the definition of an embargo?
12
2.5 pts
In a traditional economy, the decision to make (or not make) certain products is decided MOSTLY by
producers and consumers in the marketplace
the central government
entrepreneurs
customs and beliefs
13
2.5 pts
The average literacy rates in Canada is roughly 99%. The average literacy rates of countries in Southeast Asia is approximately 70%.

Based on this information, which of these is most likely to be true?
South Asia and Europe have a similar per capita GDP.
Canadians enjoy a higher standard of living than South Asians.
Canadian governments spend less on public education than South Asian governments.
South Asian countries produce a larger number of manufactured goods than in Canada
14
2.5 pts
Which of the following would you LEAST likely find in Canada?
A literacy rate above 90%
A higher than normal standard of living
A low Gross Domestic Product (GDP) per capita
More education citizens
15
2.5 pts
In a speech before the members of NAFTA, the Prime Minister of Canada urged all nations of North America to increase their funding of education programs. "Without the proper background in reading, math, and science, we cannot expect the students of today to become the productive workers of tomorrow. An investment in education is an investment in all secured financial future."

The Prime Minister believes that if his idea is followed
the GDP of Canada nations will suffer.
the GDP of Canada and the nations in NAFTA will continue to grow
other countries do not want to trade with Canada
16
2.5 pts
Which of these BEST represents capital goods investment for a company?
buying new equiment
advertising
renting space
hiring new employees
17
2.5 pts
GDP Per Capita(in current US$)
  • Canada: $45,790
  • Germany: $33,340
  • Russia: $11,400
  • Colombia: $26,435

Based on these figures, which statement is MOST likely to be true?
The literacy rate in Russia is very high.
Canada has a higher literacy rate than the other nations
Germany has a low standard of living.
Canada has a low literacy rate.
18
2.5 pts
According to 2010 CIA statistics, the literacy rate in Paraguay is approximately 88%, while the literacy rate in Belize is 98%. What is the MOST LIKELY result of this difference?
Per capita GDP is higher for citizens in Paraguay than in Belize.
Per capita GDP is higher for citizens in Belize than in Paraguay.
Most of the citizens in Paraguay have high paying jobs.
The Belizian government will have better trade relations with other countries in Latin America
19
3 pts
What language is the official language of the Candian province highlighted in RED?
20
4 pts
Canada is home to more than one official language. Select each language that are spoken in Canada.
French
Portuguese
English
Spanish
21
2.5 pts
This factor of production is defined as "gifts of nature" or something that grows from the earth.
entrepreneurship
capital goods
natural resources
human capital
22
3 pts
_______________ is someone who brings together natural resources, human capital, and capital goods to take a risk to start their own business.
23
2.5 pts
Literacy Rates Across the World
-- Brazil 95.3%
-- Chile 88.8%
-- Nigeria 97.1%
-- Haiti 50.4%
-- Guatemala 75.0%

Based on the data from the chart above, which of the following statements would most likely be true?
The citizens of Haiti have a higher standard of living than citizens in Chile
Nigeria has invested in the improved education of its citizens more than Guatemala has.
Chile has a higher GDP than Brazil
The standard of living in Guatemala is lower than the standard of living in Haiti.
24
2.5 pts
Literacy Rates Across the World
-- Brazil 95.3%
-- Chile 88.8%
-- Nigeria 97.1%
-- Haiti 50.4%
-- Guatemala 75.0%

Based on the data from the chart above, which of the following countries would most like have the LOWEST standard of living?
Haiti
Nigeria
Brazil
Guatemala
25
3 pts
Literacy Rates Across the World
-- Brazil 95.3%
-- Chile 88.8%
-- Nigeria 97.1%
-- Haiti 50.4%
-- Guatemala 75.0%

Based on the data from the chart above, which country would most like have the HIGHEST standard of living?
26
2.5 pts
Based off of the chart, which of the following countries would most likely have lowest standard of living?
Argentina
Brazil
Colombia
Nicaragua
27
2.5 pts
Costa Rica's GDP per capita (measured in US Dollars)
1990: $ 970 2000: $ 3,800 2010: $ 8,600 2018: $ 15,600

Using the information provided, which statement is MOST likely correct regarding Costa Rica's economy?
The standard of living in Costa Rica has declined.
People who live close to the the Panama border have a higher GDP.
Costa Rica has invested in the education of its citizens.
Costa Rica has a steadily increasing unemployment rate.
28
2.5 pts
Many people in the Canadian province of Quebec want the state to become independent from Canada. Which of these statements BEST summarizes their case?
Quebec has a distinctly different culture from the rest of Canada.
Quebec has closer ties to the United States than does the rest of Canada.
Quebec wants to become part of the United Nations unlike the rest of Canada.
Quebec does not participate in the same types of trade as the rest of Canada.
29
2.5 pts
"This province is Catholic and French-speaking and shall remain Catholic and French-speaking. All the while asserting our friendship and our respect for the representatives of the other races and religions, all the while claiming our eagerness for giving them their fair share in every aspect [...] we solemnly declare that we shall never give up our rights that are guaranteed by law and by the constitution. Let us cease our confict and struggles and let us unite!" - Justin Trudeau, Prime Minister of Canada, June 24, 1889

What late-20th century issue could have been inspired by Trudeau's words?
Increasing trade between the French and Candians
Fench and Indian War
Quebec's Independence Movements
World War I
30
2.5 pts
____________________ is the name given to French-speaking citizens of Quebec who want Quebec to secede (break away) from the the rest of Canada.
Loyalists
Nazis
Separatists
Successors
31
2.5 pts
"In 2010, Mexico imposed a limit of 250,000 tons of sugar that could be imported into Mexico. "
A
B
C
D
32
4 pts
In 1994 an economic agreement known as the North American Free Trade Agreement (NAFTA) that eliminated tariffs between nations was signed. Please select the nations that signed the NAFTA agreement.
Canada
Colombia
Mexico
Japan
United States
33
2.5 pts
What is the title of the chief executive in a parliamentary democracy? They are in control of the day-to-day operations of the country and have the most political power.
president
monarch
prime minister
czar
34
2.5 pts
In a parliamentary democracy, the ______________ serves as the figurehead of the nation. Their duties are ceremonious and they have no real political power.
president
prime minister
monarch
czar
35
3 pts
-- headed by a prime minister
-- constitutional monarchy
-- Queen of England is the figurehead of the nation
-- political leader is a member of legislature called Parliament
-- citizens have high level of participation in government functions


The information above means that Canada's government is classified as a ______________________
Add to my formatives list