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Economic Terms
Test Description: Econ. words
Instructions: Answer all questions to get your test result.
1) goods
A
product bought with money
B
tax on a product
C
DIFFERENCE OF VALUE BETWEEN IMPORTS AND EXPORTS IN TRADE
D
a person who works
2) Currency
A
the percentage of people who can read in a certain country
B
money in any form that is accepted as a medium of exchange, but especially paper money
C
a place or situation where money from different countries is bought and sold for a price
D
used to describe conflict between people’s desires and limited amount of resources
3) income
A
money earned from working at a job
B
goods bought within your own country
C
block trades with a physical feature
D
taxes on goods
4) COMMAND ECONOMY
A
A LIMIT ON AMOUNT OF PRODUCT THAT MAY BE IMPORTED IN A SET PERIOD
B
ECONOMY BASED OF TRADE AND BARTER
C
A ECONOMY CONTROLLED ALL BY GOV.
D
ECONOMY THAT ONLY USES CREDIT CARDS
5) TRADITIONAL ECONOMY
A
ECONOMY BASED OF TRADE AND BARTER AND ROUTINES
B
TRADE BARRIER IN WHICH GOV. PLACES RESTRICTIONS ON IMPORT AND EXPORT
C
A ECONOMY CONTROLLED ALL BY GOV.
D
ECONOMY THAT ONLY USES CREDIT CARDS
6) trade
A
another word for money
B
getting an item for another item
C
another word for raw materials
D
a want and a need but a low or high number of items to choose from
7) TARIFF
A
A TAX OR FEE ON ALL TRADED GOODS
B
TRADE BARRIER IN WHICH GOV. PLACES RESTRICTIONS ON IMPORT AND EXPORT
C
A WALL SET UP TO BLOCK TRADE
D
NO TAXES ON ANY TRADED GOODS
8) profit
A
GOODS BEING SENT OUT OF COUNTRY
B
NO TAXES ON ANY TRADED GOODS
C
MAKING MONEY AND EARNING MORE THAN YOU SPENT
D
A TAX ON ALL TRADED GOODS
9) UNEMPLOYMENT
A
NO TAXES ON ANY TRADED GOODS
B
A TAX OR FEE ON ALL TRADED GOODS
C
NOT HAVING A JOB AND NOT EARNING AN INCOME
D
TRADE BARRIER IN WHICH GOV. PLACES RESTRICTIONS ON IMPORT AND EXPORT
10) Entrepreneur
A
used to describe conflict between people’s desires and limited amount of resources
B
A person who buys good and services
C
someone who brings together labor, land and capital goods to produce goods and services
D
a person who trades
11) Scarcity
A
used to describe conflict between people’s desires and limited amount of resources
B
a place or situation where money from different countries is bought and sold for a price
C
someone who brings together labor, land and capital goods to produce goods and services
D
a person who trades
12) domestic
A
a place or situation where money from different countries is bought and sold for a price
B
use of income today in a way that allows growth in the future
C
goods and money that stay in your country
D
the level at which someone is able to take care of themselves and provide for themselves
13) Globalization
A
workers with greater knowledge and skills are more productive
B
goods that are traded to all other countries
C
Resources such as factories, machines, and tools that people us to make other goods
D
someone who brings together labor, land and capital goods to produce goods and services
14) service
A
paying for job, like a hair cut or lawn service
B
products bought
C
money earned
D
taxes
*select an answer for all questions
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