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Economics SW Asia
Test Description: Economics
Instructions: Answer all questions to get your test result.
1) All societies must answer the 3 basic economic questions. Which are:
A
When to produce, where to produce, and for what purpose to produce?
B
Whether to produce, which resource to use, and to export goods or not?
C
What to produce, how to produce, and for whom to produce?
D
What to eat, when to eat, and where to eat?
2) Market economic system means:
A
Custom and tradition determines what to produce
B
Government decides what to produce
C
Citizens elect their leaders
D
Producers and consumers work together to determine what to produce
3) In a Market economy, you would find:
A
Competition
B
Citizens elect their leaders
C
Government controlled agriculture
D
Government controlled industry
4) Why do most countries have a mixed economy?
A
Because most governments are unwilling to leave a Pure Market economy alone
B
Because natural resources are unequally distributed
C
Most countries do not have a mixed economy
D
Market is best for growing your economy, but the consumers need protection from fraud.
5) What is a tariff?
A
a refusal to trade with countries in a specific region
B
a tax on imports
C
a type of economic system
D
a limit on imported goods from a certain country
6) The U.S. has limited its trade with Iran over the last 30 years. This is an example of which trade barrier?
A
subsidy
B
quota
C
tariff
D
embargo
7) A 7th grade class decides to open a popcorn stand. The stand and the popcorn popper are examples of which factor of production?
A
Entrepreneurship
B
Capital resources
C
Natural resources
D
Human resources
8) Which of these best describes a Market economy?
A
The government provides services, such as telephones and television.
B
The government provides food and housing to all workers.
C
A person can start any legal business and charge any price.
D
National businesses, such as airlines, are owned by the government
9) Which of these best describe a mixed economy?
A
Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.
B
Prices and wages are solely regulated by a country’s government.
C
A combination of privately-owned industry and government control.
D
A country’s distribution of resources is based on inheritance.
10) In which economic system does a single authority decide what is produced?
A
Command
B
Public
C
Market
D
Traditional
*select an answer for all questions
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