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Economy Review

Quiz by April Michaels

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20 questions
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  • Q1
    What is a tariff?
    taxes placed on imported goods
    30s
  • Q2
    What is an embargo?
    Restrictions on the amount of a good that can be imported into a country.
    Taxes placed imported goods.
    Forbids trade with another country.
    30s
  • Q3
    What is a quota?
    Forbids trade with another country
    Taxes placed imported goods.
    Restrictions on the amount of a good that can be imported into a country.
    30s
  • Q4
    What is a traditional economy?
    government controls what is produced and how it is produced.
    decisions are based on what its people want to buy and sell
    People produce what they need to survive by farming or hunting and gathering.
    A mixture of command and market economies.
    30s
  • Q5
    What is a command economy?
    government controls what is produced and how it is produced.
    People produce what they need to survive by farming or hunting and gathering.
    decisions are based on what its people want to buy and sell
    A mixture of command and market economies.
    30s
  • Q6
    What is a market economy?
    A mixture of command and market economies.
    People produce what they need to survive by farming or hunting and gathering.
    government controls what is produced and how it is produced.
    decisions are based on what its people want to buy and sell
    30s
  • Q7
    What is a mixed economy?
    government controls what is produced and how it is produced.
    decisions are based on what its people want to buy and sell
    A mixture of command and market economies.
    People produce what they need to survive by farming or hunting and gathering.
    30s
  • Q8
    What is human capital?
    Someone who has an idea for a good or service and takes the risk to produce it.
    People who perform labor
    Man-made things we use to help us work like factories or machinery
    Total market value of the goods and services produced during a specific year
    30s
  • Q9
    What is the gross domestic product (GDP)?
    Someone who has an idea for a good or service and takes the risk to produce it.
    Total market value of the goods and services produced during a specific year
    People who perform labor
    Man-made things we use to help us work like factories or machinery
    30s
  • Q10
    What is an entrepreneur?
    Total market value of the goods and services produced during a specific year
    Man-made things we use to help us work like factories or machinery
    People who perform labor
    Someone who has an idea for a good or service and takes the risk to produce it.
    30s
  • Q11
    What is a capital resource?
    People who perform labor
    Total market value of the goods and services produced during a specific year
    Man-made things we use to help us work like factories or machinery
    Someone who has an idea for a good or service and takes the risk to produce it.
    30s
  • Q12
    What is an export?
    Bringing goods and services into the country for sale
    Goods and services sent to another country for sale.
    Money from one country that is converted into currency of another country to pay for goods
    30s
  • Q13
    What is an import?
    Goods and services sent to another country for sale
    Money from one country that is converted into currency of another country to pay for goods
    Bringing goods and services into the country for sale
    30s
  • Q14
    What is foreign exchange?
    Bringing goods and services into the country for sale
    Goods and services sent to another country for sale.
    Money from one country that is converted into currency of another country to pay for goods
    30s
  • Q15
    What type of economy does the United Kingdom, Germany, and Russia have?
    mixed
    traditional
    command
    market
    30s

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