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Economics Practice Test 1
Test Description: Economic terms and situations.
Instructions: Answer all questions to get your test result.
1) What is the purpose of free trade partnerships like the North Atlantic Free Trade Agreement (NAFTA) between the USA, Canada, and Mexico?
A
to keep the countries from trading with Europe or Asia
B
to allow countries to get needed goods without having to pay for them.
C
to help the countries produce everything they need for themselves
D
to increase trade by doing away with tariffs.
2) In which economic system are the production and distribution of goods owned by private individuals or corporations?
A
market
B
traditional
C
command
D
feudalism
3) In the late 1700s, the British government used the colony of Australia as a
A
a source of resources like coal and iron.
B
a location in which to build new factories
C
a military base to replace African colonies.
D
a prison to which criminals could be sent
4) A country's parliament votes to increase tariffs upon goods from another country. This is an example of
A
a representative democracy restricting trade.
B
a socialist congress preventing free enterprise.
C
a monarchy encouraging free trade.
D
a communist government allowing freedom of speech.
5) When a country has a market economy, which of these statements correctly defines this system?
A
Companies produce goods of their choice and consumers decide whether to buy the goods.
B
Workers are guaranteed a pay raise every year.
C
The government controls most of the businesses in the country.
D
Basic goods in the country are provided to all people without charge.
6) Which economic term best describes using money to earn more money?
A
trading
B
investing
C
selling
D
borrowing
7) Which term best describes an economic system in which the government - not the people- own land, factories, and businesses?
A
market
B
command
C
traditional
D
communism
8) A market economy is very different from a command economy. Which of the following is found in a market economy?
A
guaranteed yearly pay raises
B
competition
C
government control of industry
D
goverment control of agriculture
9) In a traditional economic system people usually exchange goods or services rather than use money. Which of the following is an example of this?
A
using currency to pay
B
bartering with a seller
C
paying for services by check
D
charging goods on a credit card
10) Which of the following best identifies the economy of Cuba?
A
traditional
B
market
C
feudal
D
command
*select an answer for all questions
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