Question 1

What type of economic system does Cuba have?

Accepted Answer

Command

Answer

Market

Answer

Mixed

Answer

Traditional

Question 2

What type of economic system does Brazil have?

Accepted Answer

Mixed

Answer

Traditional

Answer

Market

Answer

Command

Question 3

What is GDP? (Gross Domestic Product)

Accepted Answer

the value of all the goods and service produced in a country in one year

Answer

what or how much a person wants (demands)

Answer

how much a person has

Answer

people who perform labor, incest by training and education

Question 4

What are entrepreneurs?

Accepted Answer

people with new ideas that are willing to take risk to start a business or make a product

Answer

resources that come from nature (timber, minerals, etc)

Answer

value of what is given up when a choice is made

Answer

people who perform labor, invest by training and education

Question 5

What is standard of living?

Accepted Answer

how well citizens live based on good public services, education, healthcare and good jobs

Answer

what or how much a person wants (demands)

Answer

specialize in what they do best

Answer

how much one currency is worth in terms of another

Question 6

What does NAFTA stand for?

Accepted Answer

North America Free Trade Agreement

Answer

Next American Feet Tasting Assistant

Answer

Never Eat Soggy Waffles

Answer

Never gonna give you up!

Question 7

What is a traditional economic system?

Accepted Answer

Produce what they need to survive (hunting, farming, or gathering)

Answer

Government control

Answer

People control based on supply and demand

Answer

Mixture of pure Command and pure Market

Question 8

What is a market economic system?

Accepted Answer

People control based on supply and demand

Answer

Mixture of pure command and pure market

Answer

Produce what they need to survive (hunting, farming , or gathering )

Answer

Government control

Question 9

What is an embargo?

Accepted Answer

forbids trade

Answer

taxes placed on imported goods

Answer

restrictions or limits amount of goods imported

Question 10

What are the three basic economic questions?

Accepted Answer

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

Answer

What to produce? How to sell it to people? For whom to produce to?

Answer

How to produce? Whom to produce to? How are you going to ship it?

Question 11

What is a tariff?

Accepted Answer

taxes placed on imported goods

Answer

forbids trade

Answer

restrictions or limits amount of goods imported

Question 12

What is a quota?

Accepted Answer

restrictions or limits of goods imported

Answer

forbids trade

Answer

taxes placed on imported goods

Question 13

What is human capital?

Accepted Answer

people who perform labor

Answer

resources that come from nature

Answer

items that people need to perform their jobs

Answer

people with new ideas that are willing to take risks to start a business or make a product

Question 14

What is specialization?

Accepted Answer

specialize in what they do best

Answer

how well citizens live based on good public services, education, health care, good jobs

Answer

value of what is given up when a choice is made

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