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Eco
Test Description: Ch. 1 Ch. 2 Ch. 3 Ch. 7
Instructions: Answer all questions to get your test result.
1) Any regulations that blocks international trade is considered what?
A
Duties
B
Tariffs
C
Quotas
D
Trade Barriers
2) Which is the correct order of the top 6 U.S. trading partners?
A
Canada, China, Mexico, Japan, Germany, South Korea
B
Germany, Japan, China, Canada, Mexico, South Korea
C
China, Canada, Germany, Mexico, Japan, South Korea
D
South Korea, Germany, Japan, Mexico, China, Canada
3) A high rise office building is what kind of factor of production and what income?
A
land, profit
B
labor, rent
C
land, wager
D
capital, interest
4) Chick-fil-a is an example of what type of business?
A
Ownership
B
Sole Proprietorship
C
Corporation
D
Partnership
5) Minimum wage is what type of goal of the Free Enterprise System?
A
Security
B
Equity
C
Freedom
D
Full Employement
6) China can make 200 phones or 50 tablets, and America can make 100 phones or 150 tablets. What advantage does America have over China in making tablets?
A
Comparative advantage
B
Productive Advantage
C
Controlled Advantage
D
Absolute Advantage
7) The ability to produce more with less resources than other countries is known as what?
A
Protectionism
B
Compared Advantage
C
Absolute Advantage
D
Quotas
8) What is not an advantage of a partnership?
A
Easy to raise capital
B
Lack of special taxes
C
Easy to form
D
Few legal considerations
9) Which is not a characteristic of the Free Enterprise System
A
Freedom
B
Private Property
C
Stability
D
Competition
10) What is the key to trade?
A
Absolute Advantage
B
Specialization
C
Exports
D
Comparative Advantage
*select an answer for all questions
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