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- 1. Multiple Choice
If you tell me a price on something and I offer you a different price, this is an example of what kind of economy?TraditionalCommandMarketMixed - 2. Multiple ChoiceIf my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.TraditionalMarketCommandMixed
- 3. Multiple ChoiceThere are four types of economic systems. Most economies are _____.TraditionalCommandMarketMixed
- 4. Multiple ChoiceIn this type of economy, the individual decides who to sell their products to.TraditionalMixedMarketCommand
- 5. Multiple ChoiceThis type of government typically goes with the Command Economy.DemocracyDictatorshipAutocracyCommunism
- 6. Multiple ChoiceThe government has little to no role in the production of goods in this type of economy.TraditionalMixedCommandMarket
- 7. Multiple ChoiceIf there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____.desiredemandsupplyscarcity
- 8. Multiple Choice_______ is another word for Market Economy.CapitalismCommunism
- 9. Multiple ChoiceEconomics seeks the answer to the basic question of how to deal with ______.moneyhungerdemandscarcity
- 10. Multiple ChoiceI am a farmer in Africa, and have always traded for my goods. I have a _____ economy.TraditionalCommandMarketMixed
- 11. Multiple ChoiceIn this type of economy, the government places control on businesses, but the individual decides what to make.MixedMarketCommandTraditional
- 12. Multiple ChoiceA free enterprise system is one in which-The government owns and operates all of the businesses and industriesPrivate citizens own and operate most of the businesses and industries
- 13. Multiple ChoiceWhat is a trade barrier?the level of a product’s quality that is considered acceptablegovernmental restraint on tradeA government order that limits trade in some way.The level of wealth, comfort, material goods and necessities available
- 14. Multiple ChoiceThe total value of goods and services in a countryGDPsubsidyimportembargo
- 15. Multiple ChoiceQuota isAn official on the numberA quoteAn estimate
- 16. Multiple ChoiceA tax on goods a country imports or exportsQuotaTariffSubsidesEmbargoes
- 17. Multiple ChoiceAn embargo isan official limit on the number or amount of things that are alloweda tax on goods coming into or leaving a countryA government order that limits trade in some way.
- 18. Multiple ChoiceWhich is NOT a freedom of a free market economy?No taxes on goodsFreedom to produce and sell anythingFreedom of prices on goods (to an extent)Little government involvement
- 19. Multiple ChoiceIn this type of economy, the individual decides who to sell their products to.TraditionalMixedMarketCommand
- 20. Multiple ChoiceA person who owns a business is called....an entrepreneura representativean educator
- 21. Multiple ChoiceWhen there is very little left of a product or service it is called ________.Trade-offsOpportunity CostScarcity
- 22. Multiple ChoiceIf the buyer has a choice about what he or she wants to buy, we say they are a part of a ________________________.goodsservicesscarcityfree market economy
- 23. Multiple ChoiceWhat can cause a country to have a low literacy rate?Uneducated ParentsLack of learning materialsLack of resources (poverty)all of these
- 24. Multiple ChoiceIf the literacy rate of a country is high, is the standard of living generally high or low?LowHigh
- 25. Multiple ChoiceImportSelling things to another country for a profit.Purchasing items from another countryGiving things to another country.Getting things from another country
- 26. Multiple ChoiceExportSelling things to another country for a porfit.Giving things to another country for free.Purchasing things from another country.Getting things from another country.
- 27. Multiple ChoiceThis is a tax imposed on a good/serviceTarrifQuotaFree TradeEmbargo
- 28. Multiple ChoiceLimiting the amount of an export into the country...Free tradeEmbargoFair TradeQuota
- 29. Multiple ChoiceCountries that trade without tarrifs or quotas engage in...Fair tradeFar tradeFree tradeNo trade
- 30. Multiple ChoiceWhich of the following is an example of an export for the USA?America sells paper to GermanyGermany sells printers to AmericaAmerica sells printers to central FloridaSouth Africa buys meat from Chile
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