SS7E Economic Systems: Question Preview (ID: 13581)


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Goods brought in to one country from another country
a) Imported b) Quota c) Tariff d) Specialization
a set specific amount or number of a product that can be brought into another country
a) Imported b) Quota c) Tariff d) Embargo
When one country announces that it will no longer trade with another
a) Tariff b) Quota c) Embargo d) Imported
When a country can produce all the goods and services it needs
a) Self-sufficient b) imported c) quota d) Laissez-faire
In a traditional Economy how are economic decisions made?
a) custom and habit b) government leaders c) consumers and planners d) combination of consumers and producers
In a command economy how are economic decisions made?
a) custom and habit b) combination of consumers and planners c) government planners d) consumers and the market
In a market economy how are economic decisions made?
a) custom and habit b) government planners c) consumers and the market d) individuals starting new businesses
Why are most modern economies referred to as mixed economies?
a) Poverty is always highest in countries with market economies b) Government planners do not know how to handle economic problems c) products made by traditional economies have no markets in the modern world d) Most countries have aspects of all three economic types at work in their economies.
How does voluntary trade help the economy?
a) Voluntary trade means prices will always be low b) Voluntary trade only works when tariffs are in place c) This sort of trade involves many government regulations d) It encourages specialization and usually means more profit.
What is an embargo
a) a tax placed on goods coming into the country from overseas b) a limit on the amount of certain goods allowed into the country c) a tax paid by the producer before he can sell his goods in another country d) a halt to trade with a particular country for economic or political reasons.
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