Economic Study Questions For Test: Question Preview (ID: 26365)


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What are the three economic questions all economic systems have to answer?
a) The three economic questions all economic systems have to answer are traditional, command, and market. b) The three economic questions all economic systems have to answer are what, how , and for whom to produce. c) The three economic questions all economic systems have to answer are embargo, tariff, and quota. d) The three economic questions all economic systems have to answer are natural, capital, and human resources.
What are the three economic systems?
a) The three economic systems are traditional, market, and command. b) The three economic systems are what, how, and for whom to produce. c) The three economic systems are embargo, tariff, and quota d) The three economic system are natural, human, and capital resources
What does NAFTA stand for and what countries are involved.
a) North Atlantic For Turtles Agency; United Kingdom, Spain, France b) North Africa Fur Trade Agency: South Africa, Kenya, Sudan c) North Asia Fast Task Automobile; Russia, China, Japan d) North America Free Trade Agreement; USA, Canada, and Mexico
Entrepreneurs are
a) imaginative, willing to take risks, and resourceful b) lazy, friendly, kind c) not willing to take risks d) not resourceful, forgetful
Canada will only let 50,000 t-shirts be imported from China.
a) Tariff b) Quota c) Embargo d) Traditional
Capital resources are always ____________________________________.
a) liquid b) Man-made c) water d) natural resources
What are the four factors of production? CELL
a) capital resources, entrepreneurs, land-natural resources, labor-human resources b) traditional, command, market, mixed c) what , how, for whom to produce d) embargo, tariff, quota, natural barrier
Goods, such as machines and tools, used in the production of other goods and services.
a) Natural resources b) human resources c) entrepreneur d) capital resources
Resources that are found in nature (comes from the earth) and used in the production of goods and services
a) human resources b) capital resources c) natural resources d) embargo resources
Skills, talents and education of people used in the production of goods and services
a) entrepreneur b) capital resources c) human resources d) natural resources
Economic system where consumers make economic decisions that occur between buyers and sellers.
a) Command b) Market c) Mixed d) Traditional
In a command economy, who usually owns the farms and factories?
a) Individuals b) Corporations c) the Government d) Farm and factory workers
Economy where the consumers and producers have some control and the government has some control (most common in the world)
a) Traditional b) Command c) Market d) Mixed
Economic system where the government controls what a factory produces
a) Command b) Market c) Mixed d) Traditional
Customs and are habits are most important to which type of economy?
a) Command b) Market c) Mixed d) Traditional
Tax on imported goods
a) tariff b) quota c) embargo d) traditional
STOP (prohibit, forbid) trade with another country.
a) quota b) command c) tariff d) embargo
Limit on the quantity of an imported good.
a) embargo b) human resource c) quota d) tariff
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