Economics- Unit 3 Review

Use a complete sentence to answer the following question.

America buys toys from China. Is America importing or exporting? How do you know?

Use a complete sentence to answer the following question.

America sells wheat to Mexico. Is America importing or exporting? How do you know?

Use a complete sentence to answer the following question.

If a country has a SURPLUS (too much of a good or service), will they most likely would import or export? Why?

Use a complete sentence to answer the following question.

If there is a SCARCITY of a good or service, will the country would most likely import or export? Why?

Use the photo to answer the following question.

1.Identify the equilibrium price of the tablet.

2. Identify a price at which

Samsung will have a shortage.

3. Identify

a price at which Samsung will have a surplus.

“The average person in the United States lives to be 79.”

Identify the indicator.

“In Angola, 61% of women can read and write.”

Identify the indicator.

“In Argentina, the average citizens earns $12,000 each year.”

Identify the indicator.

Use a complete sentence to answer the following question.

Describe what life is like in a command economy.