18. What is one way to determine the type of economy a country has?
a. View the amount of goods and services (GDP) people buy
b. View the percent of GDP spent by the government
c. View the amount spent on health care
d. View the rise in the prices of goods and services each year
19. Communism does not work in the US because�
a. Americans, unlike people from other countries, are selfish
b. Americans do not like to share anything that is theirs
c. Communism reduces the incentive to work
d. Capitalism has proven to be the perfect system
20. From an economics prospective, companies should eliminate all crime
a. If they are frustrated with people stealing from them
b. If the cost of eliminating is greater than the benefit of the crime prevention
c. If the company has high moral standards
d. If the cost of eliminating crime is less than the benefit of crime prevention
21. The goal of a mercantile economy is to
22. What is the main problem of a mercantile economy?
23. How can someone determine the scarcity of a particular resource?
24. One of the first influences on price was the church. Their goal was to set prices
_________. How did they enforce their influence?
What is the problem with prices being set using this approach?
Use the information below to answer questions 25 and 27
Pakistan’s production with one week of labor:
100 pairs of shoes, or 10 automobiles
Germany’s production with one week of labor:
120 pairs of shoes, or 20 automobiles
25. Based on the numbers provided above
a. Pakistan has an absolute advantage in the production of both goods
b. Germany has an absolute advantage in the production of both goods
c. Neither country has an absolute advantage in the production of both goods
26. According to the Theory of Comparative Advantage
a. Pakistan should produce shoes and Germany should produce automobiles
b. Pakistan should produce automobiles and Germany should produce shoes
c. Germany should not trade with Pakistan because of Pakistan’s political stance on terrorism
d. Pakistan should not trade with Germany because of Germany’s Nazi history
27. Pakistan would be willing to trade 100 pairs of shoes for 9 automobiles. True/false Explain
28. What are some of the results of trade?
29. Make an argument that trade is good for the US economy. Make an argument that trade hurts the US economy.
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