Basics Of Economics: Question Preview (ID: 16494)


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In order for international trade to be successful, there must be a system of:
a) exchanging currencies b) raising taxes c) securing borders d) imposing protective tariffs
The money spent to train and educate citizens on how to use new technology is called:
a) human capital b) capital goods c) entrepreneurship d) currency exchange
The factories, machinery, and technology used to make others goods are:
a) capital goods b) human capital c) entrepreneurship d) currency exchange
A limit on imports is a(n):
a) quota b) tariff c) embargo d) subsidy
A limit on trade is a(n):
a) embargo b) tariff c) quota d) subsidy
A tax placed on imports is a(n):
a) tariff b) quota c) embargo d) subsidy
Both the government and individual citizens answer economic questions in a:
a) mixed economy b) command economy c) traditional economy d) market economy
The government answers all economic questions in a:
a) command economy b) market economy c) mixed economy d) traditional economy
Individual citizens make all economic decisions in a:
a) market economy b) command economy c) mixed economy d) traditional economy
An economy based on customs and beliefs is a:
a) traditional economy b) market economy c) command economy d) mixed economy
If a country invests in human capital and/or capital goods, the GDP will:
a) rapidly increase b) rapidly decrease c) stay the same d) slowly decrease
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