Economy Review
Quiz by April Michaels
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20 questions
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- Q1What is a tariff?taxes placed on imported goods30s
- Q2What 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
- Q3What is a quota?Forbids trade with another countryTaxes placed imported goods.Restrictions on the amount of a good that can be imported into a country.30s
- Q4What 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 sellPeople produce what they need to survive by farming or hunting and gathering.A mixture of command and market economies.30s
- Q5What 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 sellA mixture of command and market economies.30s
- Q6What 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 sell30s
- Q7What 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 sellA mixture of command and market economies.People produce what they need to survive by farming or hunting and gathering.30s
- Q8What is human capital?Someone who has an idea for a good or service and takes the risk to produce it.People who perform laborMan-made things we use to help us work like factories or machineryTotal market value of the goods and services produced during a specific year30s
- Q9What 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 yearPeople who perform laborMan-made things we use to help us work like factories or machinery30s
- Q10What is an entrepreneur?Total market value of the goods and services produced during a specific yearMan-made things we use to help us work like factories or machineryPeople who perform laborSomeone who has an idea for a good or service and takes the risk to produce it.30s
- Q11What is a capital resource?People who perform laborTotal market value of the goods and services produced during a specific yearMan-made things we use to help us work like factories or machinerySomeone who has an idea for a good or service and takes the risk to produce it.30s
- Q12What is an export?Bringing goods and services into the country for saleGoods and services sent to another country for sale.Money from one country that is converted into currency of another country to pay for goods30s
- Q13What is an import?Goods and services sent to another country for saleMoney from one country that is converted into currency of another country to pay for goodsBringing goods and services into the country for sale30s
- Q14What is foreign exchange?Bringing goods and services into the country for saleGoods and services sent to another country for sale.Money from one country that is converted into currency of another country to pay for goods30s
- Q15What type of economy does the United Kingdom, Germany, and Russia have?mixedtraditionalcommandmarket30s