Mrs. Jablonski: Economics & Government Quiz

Julie can be considered an entrepreneur because she identifies a need in her classmates (the lack of bookmarks) and takes initiative to create a product (hand-made bookmarks) to fulfill that need. She then goes a step further by obtaining permission to sell her bookmarks at the school store, demonstrating her entrepreneurial spirit and business acumen.

A mixed economic system is the most common economic system because it combines elements of both command and market economies. In a mixed economy, the government and private individuals both play a role in making economic decisions. The government regulates certain industries and provides public goods and services, while private individuals and businesses have the freedom to own property and make profit. This system allows for a balance between government control and individual freedom, and it is implemented in various countries around the world, including the United States and many European nations.

Economics is the study of how societies allocate limited resources to produce, distribute, consume, and exchange goods and services. It encompasses the analysis of production processes, distribution channels, consumer behavior, and the mechanisms of exchange in markets. This definition highlights the comprehensive nature of economics as it involves various aspects such as production, distribution, consumption, and exchange, rather than just focusing on money or buying and selling.

The correct answer is Tarrif. A tariff is a tax imposed on imported goods by the government of the importing country. In this case, additional taxes are being placed on pepper plants imported into the US from Spain, indicating that it is a tariff.

In a democratic government, the people are involved in the lawmaking process. This means that citizens have the right to vote and elect representatives who make decisions on their behalf. Democratic governments prioritize the participation and input of the people, allowing them to have a say in the laws and policies that affect them. This is in contrast to autocratic, oligarchic, or communist governments, where power is concentrated in the hands of a few individuals or a single leader, and the people have limited or no involvement in the lawmaking process.

The three basic economic questions are: What to produce? How to produce? For whom to produce? These questions are fundamental in determining how resources should be allocated in an economy. "What to produce?" refers to the goods and services that should be produced based on consumer demand and resource availability. "How to produce?" concerns the methods and technologies used in production to maximize efficiency and minimize costs. "For whom to produce?" considers the distribution of goods and services among individuals and groups in society. These questions help guide economic decision-making and resource allocation in an economy.

In a presidential democracy, the leader is directly elected by the people and therefore answers to them. This means that the leader is accountable to the citizens for their actions and decisions. The legislature, on the other hand, controls the power and is responsible for making laws and policies. Unlike in a parliamentary system where the leader is a prime minister, in a presidential democracy, the leader holds executive power separately from the legislature. This ensures a system of checks and balances where power is distributed among different branches of government to prevent any one entity from becoming too powerful.

The three basic types of economic systems are traditional, command, and market. In a traditional economic system, economic decisions are based on customs, traditions, and beliefs. In a command economic system, the government controls all economic decisions and resources. In a market economic system, economic decisions are made by individuals and businesses based on supply and demand.

Specialization refers to the practice of a country focusing on producing certain goods or services more efficiently than others, with the intention of exporting them to other countries. This allows the country to take advantage of its comparative advantage, which is the ability to produce a particular good or service at a lower opportunity cost than other countries. By specializing in a specific area of production, a country can increase its productivity and competitiveness in the global market, leading to economic growth and increased trade with other nations.

The three major trade barriers are tariff, quota, and embargo. A tariff is a tax imposed on imported goods, making them more expensive and less competitive in the domestic market. A quota is a limit set on the quantity or value of goods that can be imported, restricting the amount of foreign competition. An embargo is a complete ban on trade with a particular country, usually for political reasons. These barriers are used by governments to protect domestic industries, control trade flows, and influence foreign policy.

A natural resource is a correct answer because it refers to any material or substance that occurs naturally in the environment and is used by humans. Natural resources are not man-made and take a long time to form, such as fossil fuels, minerals, and water. Unlike renewable resources, which can be replenished over time, natural resources are finite and cannot be reproduced naturally. Human resources refer to the people who contribute to the production of goods and services, while global resources is not a specific term commonly used in this context.

In an autocratic government, one person has total control and makes all the decisions without any input or participation from the citizens. Therefore, the role of the citizen in such a government is limited or non-existent. The citizens do not have the power to participate in decision-making or influence the policies of the government. They are expected to obey the orders and commands of the autocratic leader without question or resistance.

In a parliamentary democracy, the leader is accountable to the legislature. This means that the leader, who is usually a prime minister or a president, is responsible for answering to the legislative branch of government. This ensures that the leader's actions and decisions are subject to scrutiny and oversight by elected representatives, creating a system of checks and balances. Additionally, the presence of a separation of powers ensures that the executive branch, led by the president, is distinct from the legislative branch, preventing any one branch from becoming too powerful.

A confederation is a government system where political units have a loose alliance and retain final control over their own laws and citizens. In a confederation, the central government has limited powers and acts as a coordinator between the units rather than having direct control over them. This allows each unit to maintain a significant level of autonomy and decision-making authority.