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Economic Study Questions For Test
Test Description: Economic study questions for test
Instructions: Answer all questions to get your test result.
1) Customs and are habits are most important to which type of economy?
A
Traditional
B
Command
C
Market
D
Mixed
2) Economic system where the government controls what a factory produces
A
Market
B
Traditional
C
Command
D
Mixed
3) Economic system where consumers make economic decisions that occur between buyers and sellers.
A
Command
B
Mixed
C
Market
D
Traditional
4) In a command economy, who usually owns the farms and factories?
A
Individuals
B
Farm and factory workers
C
Corporations
D
the Government
5) Economy where the consumers and producers have some control and the government has some control (most common in the world)
A
Market
B
Traditional
C
Command
D
Mixed
6) Resources that are found in nature (comes from the earth) and used in the production of goods and services
A
embargo resources
B
capital resources
C
natural resources
D
human resources
7) Skills, talents and education of people used in the production of goods and services
A
entrepreneur
B
natural resources
C
human resources
D
capital resources
8) Goods, such as machines and tools, used in the production of other goods and services.
A
Natural resources
B
entrepreneur
C
human resources
D
capital resources
9) What are the four factors of production? CELL
A
capital resources, entrepreneurs, land-natural resources, labor-human resources
B
traditional, command, market, mixed
C
embargo, tariff, quota, natural barrier
D
what , how, for whom to produce
10) Capital resources are always ____________________________________.
A
natural resources
B
liquid
C
Man-made
D
water
11) Entrepreneurs are
A
imaginative, willing to take risks, and resourceful
B
not resourceful, forgetful
C
lazy, friendly, kind
D
not willing to take risks
12) Canada will only let 50,000 t-shirts be imported from China.
A
Quota
B
Tariff
C
Embargo
D
Traditional
13) What does NAFTA stand for and what countries are involved.
A
North America Free Trade Agreement; USA, Canada, and Mexico
B
North Asia Fast Task Automobile; Russia, China, Japan
C
North Atlantic For Turtles Agency; United Kingdom, Spain, France
D
North Africa Fur Trade Agency: South Africa, Kenya, Sudan
14) What are the three economic systems?
A
The three economic systems are what, how, and for whom to produce.
B
The three economic systems are embargo, tariff, and quota
C
The three economic system are natural, human, and capital resources
D
The three economic systems are traditional, market, and command.
15) What are the three economic questions all economic systems have to answer?
A
The three economic questions all economic systems have to answer are what, how , and for whom to produce.
B
The three economic questions all economic systems have to answer are natural, capital, and human resources.
C
The three economic questions all economic systems have to answer are embargo, tariff, and quota.
D
The three economic questions all economic systems have to answer are traditional, command, and market.
16) Tax on imported goods
A
tariff
B
quota
C
traditional
D
embargo
17) STOP (prohibit, forbid) trade with another country.
A
quota
B
command
C
embargo
D
tariff
18) Limit on the quantity of an imported good.
A
tariff
B
quota
C
embargo
D
human resource
*select an answer for all questions
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