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Economic Vocabulary Review
Test Description: Economic
Instructions: Answer all questions to get your test result.
1) Goods LEAVING a country.
A
imports
B
embargo
C
trade barrier
D
exports
2) The ability to read and write...
A
traditional economy
B
specialization
C
opportunity cost
D
literacy
3) Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain...
A
NAFTA
B
Natural Resources
C
human resources
D
Capital resources
4) 4) Signed in 1994 by the United States, Canada, and Mexico; eliminated tariffs between these countries.
A
NAFTA
B
Market Economy
C
EU
D
Specialization
5) Money used in a particular country to buy goods and services.
A
Trade barrier
B
Currency
C
Market Economy
D
Traditional Economy
6) The division of labor; work is divided into parts for workers, factories, or countries to become experts at producing certain goods.
A
human resources
B
opportunity cost
C
specialization
D
capital resources
7) Government order to stop trade with another country to put pressure on another country.
A
tariff
B
Embargo
C
standard of living
D
quota
8) Price of one nation's currency in terms of another nation's currency.
A
GDP
B
exchange rate
C
standard of living
D
mixed economy
9) Mountains, rivers, oceans, deserts...
A
Natural trade barriers
B
human resources
C
capital resources
D
Natural Resources
10) 10) A group of 27 European countries united to improve trade, education, farming, and industry among the members.
A
NAFTA
B
Traditional economy
C
human resources
D
EU
11) 11) The degree of wealth and material comfort available to a person or community.
A
entrepreneur
B
human resources
C
standard of living
D
natural resources
12) Economy that is based on customs and beliefs (farming, hunting).
A
traditional economy
B
specialization
C
command economy
D
market economy
13) 13) One or more people who has an idea for a good or service, sets up a business, taking financial risks in hope of profit.
A
traditional resources
B
entrepreneur
C
capital resources
D
human resources
14) 14) Economy that falls in between pure market and pure command (has some of both economies).
A
command economy
B
mixed economy
C
market economy
D
traditional eonomy
*select an answer for all questions
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