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Unit 1 (ECON)
Test Description: New Standards: Unit 1
Instructions: Answer all questions to get your test result.
1) An economy based on customs and beliefs is a:
A
command economy
B
traditional economy
C
market economy
D
mixed economy
2) Individual citizens make all economic decisions in a:
A
market economy
B
mixed economy
C
command economy
D
traditional economy
3) The government answers all economic questions in a:
A
mixed economy
B
traditional economy
C
market economy
D
command economy
4) A tax placed on imports is a(n):
A
tariff
B
embargo
C
quota
D
subsidy
5) Both the government and individual citizens answer economic questions in a:
A
mixed economy
B
traditional economy
C
command economy
D
market economy
6) A limit on imports is a(n):
A
embargo
B
quota
C
subsidy
D
tariff
7) A limit on trade is a(n):
A
embargo
B
tariff
C
subsidy
D
quota
8) The factories, machinery, and technology used to make others goods are:
A
human capital
B
entrepreneurship
C
currency exchange
D
capital goods
9) The money spent to train and educate citizens on how to use new technology is called:
A
currency exchange
B
entrepreneurship
C
capital goods
D
human capital
10) In order for international trade to be successful, there must be a system of:
A
imposing protective tariffs
B
exchanging currencies
C
raising taxes
D
securing borders
11) If a country invests in human capital and/or capital goods, the GDP will:
A
rapidly decrease
B
rapidly increase
C
stay the same
D
slowly decrease
*select an answer for all questions
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