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Introducing new Paper mode
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16 questions
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- Multiple ChoicePlease save your changes before editing any questions.
Produce those goods that a country can make most easily, so they can trade them for goods that cannot be produced locally.
Specialization
Organization
Economics
Human Capital
- Multiple ChoicePlease save your changes before editing any questions.
A tax on imported goods
Tariff
Quota
Embargo
Economics
- Multiple ChoicePlease save your changes before editing any questions.
A limit on the amount of goods that can be imported into the country is called?
Tariff
Quota
Embargo
Economics
- Multiple ChoicePlease save your changes before editing any questions.
A ban on trade with another country for economic or political reasons is known as?
Tariff
Quota
Embargo
Economics
- Multiple ChoicePlease save your changes before editing any questions.
The sum of all goods and services produced in a country in one year is called?
Gross Domestic Product (GDP)
Human Capital
Capital Goods
Natural Resources
- Multiple ChoicePlease save your changes before editing any questions.
Education, skills, and training that people (workers) possess.
Human Capital
Capital Goods
Natural Resources
Entrepreneurship
- Multiple ChoicePlease save your changes before editing any questions.
Factories, machinery, tools, and technology available to a country are known as?
Human Capital
Capital Goods
Natural Resources
Entrepreneurship
- Multiple ChoicePlease save your changes before editing any questions.
All economic decisions are made by the government.
Command Economy
Market Economy
Traditional Economy
Mixed Economy
- Multiple ChoicePlease save your changes before editing any questions.
All economic decisions are made by buyers (consumers) and sellers (producers).
Command Economy
Market Economy
Traditional Economy
Mixed Economy
- Multiple ChoicePlease save your changes before editing any questions.
All economic decisions are based on customs and habits from the past.
Command Economy
Market Economy
Traditional Economy
Mixed Economy
- Multiple ChoicePlease save your changes before editing any questions.
What are the gifts of nature used to produce goods?
Human Capital
Capital Goods
Natural Resources
Entrepreneurship
- Multiple ChoicePlease save your changes before editing any questions.
Someone who is willing to take a risk to start a new business, invent something, or find a better way of doing something is called?
Human Capital
Capital Goods
Natural Resources
Entrepreneurship
- Multiple ChoicePlease save your changes before editing any questions.
An economy that is a blend of command and market economies.
Command Economy
Market Economy
Traditional Economy
Mixed Economy
- Multiple ChoicePlease save your changes before editing any questions.
What policies of a country stop or slow down free trade with other countries?
Trade Barriers
Voluntary Trade
Economics
Mixed Economy
- Multiple ChoicePlease save your changes before editing any questions.
Buyers and sellers exchange goods and services freely and willingly with each other.
Trade Barriers
Tariff
Voluntary Trade
Embargo
- Multiple ChoicePlease save your changes before editing any questions.
The choices we make about how to use limited resources to produce goods and services that meet our unlimited needs and wants
Economics
Tariffs
Trade Barriers
Entrepreneurship