Question 1

What is a tariff?

Accepted Answer

taxes placed on imported goods

Question 2

What is an embargo?

Accepted Answer

Forbids trade with another country.

Answer

Restrictions on the amount of a good that can be imported into a country.

Answer

Taxes placed imported goods.

Question 3

What is a quota?

Accepted Answer

Restrictions on the amount of a good that can be imported into a country.

Answer

Forbids trade with another country

Answer

Taxes placed imported goods.

Question 4

What is a traditional economy?

Accepted Answer

People produce what they need to survive by farming or hunting and gathering.

Answer

government controls what is produced and how it is produced.

Answer

decisions are based on what its people want to buy and sell

Answer

A mixture of command and market economies.

Question 5

What is a command economy?

Accepted Answer

government controls what is produced and how it is produced.

Answer

People produce what they need to survive by farming or hunting and gathering.

Answer

decisions are based on what its people want to buy and sell

Answer

A mixture of command and market economies.

Question 6

What is a market economy?

Accepted Answer

decisions are based on what its people want to buy and sell

Answer

A mixture of command and market economies.

Answer

People produce what they need to survive by farming or hunting and gathering.

Answer

government controls what is produced and how it is produced.

Question 7

What is a mixed economy?

Accepted Answer

A mixture of command and market economies.

Answer

government controls what is produced and how it is produced.

Answer

decisions are based on what its people want to buy and sell

Answer

People produce what they need to survive by farming or hunting and gathering.

Question 8

What is human capital?

Accepted Answer

People who perform labor

Answer

Someone who has an idea for a good or service and takes the risk to produce it.

Answer

Man-made things we use to help us work like factories or machinery

Answer

Total market value of the goods and services produced during a specific year

Question 9

What is the gross domestic product (GDP)?

Accepted Answer

Total market value of the goods and services produced during a specific year

Answer

Someone who has an idea for a good or service and takes the risk to produce it.

Answer

People who perform labor

Answer

Man-made things we use to help us work like factories or machinery

Question 10

What is an entrepreneur?

Accepted Answer

Someone who has an idea for a good or service and takes the risk to produce it.

Answer

Total market value of the goods and services produced during a specific year

Answer

Man-made things we use to help us work like factories or machinery

Answer

People who perform labor

Question 11

What is a capital resource?

Accepted Answer

Man-made things we use to help us work like factories or machinery

Answer

People who perform labor

Answer

Total market value of the goods and services produced during a specific year

Answer

Someone who has an idea for a good or service and takes the risk to produce it.

Question 12

What is an export?

Accepted Answer

Goods and services sent to another country for sale.

Answer

Bringing goods and services into the country for sale

Answer

Money from one country that is converted into currency of another country to pay for goods

Question 13

What is an import?

Accepted Answer

Bringing goods and services into the country for sale

Answer

Goods and services sent to another country for sale

Answer

Money from one country that is converted into currency of another country to pay for goods

Question 14

What is foreign exchange?

Accepted Answer

Money from one country that is converted into currency of another country to pay for goods

Answer

Bringing goods and services into the country for sale

Answer

Goods and services sent to another country for sale.

Question 15

What type of economy does the United Kingdom, Germany, and Russia have?

Accepted Answer

mixed

Answer

traditional

Answer

command

Answer

market

Question 16

If a country invests a lot in human capital then what happens to its gross domestic product?

Accepted Answer

raises

Answer

stays the same

Answer

lowers

Question 17

If a country has a lot of capital goods then what happens to its gross domestic product?

Accepted Answer

raises

Answer

lowers

Answer

stays the same

Question 18

If a country has a high rate of entrepreneurs then what happens to its gross domestic product?

Accepted Answer

raises

Answer

stays the same

Answer

lowers

Question 19

If a country has a lot of natural resources then what happens to its gross domestic product?

Accepted Answer

raises

Answer

lowers

Answer

stays the same

Question 20

What are the three economic questions?

Accepted Answer

What to produce? How to produce? For whom to produce?

Answer

What to produce? Where to produce? How to produce?

Answer

Why to produce? What to produce? Where to produce?

Answer

Where to produce? How to produce? What to produce?

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