UNIT 7 EXAM (RACMMS) Riggins
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by Dominique Riggins
| 21 Questions
1
1
Select ALL of the following answer choices that are examples of capital goods?
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
1
Select ALL of the following answer choices that are examples of human capital.
job training at the local steel mill
increased computer skills
power plant that generates hydroelectricity
a tobacco farm
learning a second language
3
1
Machinery, factories, computers, and equipment are all examples of __________________________________.
human capital
entrepreneurship
capital goods
natural resources
4
1
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
If a country has a LOW Literacy rate them most likely they will have a HIGH standard of living?
True
False
6
1
Select all of the following that are natural resources
A tobacco
B cotton
C job training
D timber
E computers
7
1
Based on the economic continuum, in which country would citizens MOST LIKELY have the highest level of individual freedom in the economy?
Mexico
Brazil
Cuba
8
1
Under which economic system would everything MOST LIKELY be owned and controlled by the government?
9
1
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
10
1
Based on the economic continuum, in which country would citizens MOST LIKELY have the highest level of government regulation in the economy?
11
1
Which law signed by Bill Clinton in 1994 economically ties Canada, the US, and Mexico together by eliminating tariffs between those 3 nations?
12
1
Tariffs, quotas, embargos, and subsidies are examples of
trade deficits
sanctions
trade barriers
restrictive licenses.
13
1
What is the definition of an embargo?
14
1
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
15
1
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
16
1
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
17
1
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
18
1
Which of these BEST represents capital goods investment for a company?
buying new equiment
advertising
renting space
hiring new employees
19
1
GDP Per Capita(in current US$)
  • Canada: $45,790
  • Australia: $43,340
  • 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 and Australia have similar literacy rates.
Australia has a low standard of living.
Canada has a low literacy rate.
20
1
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
21
1
What language is the official language of the Candian province highlighted in RED?
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