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Economic Systems
Test Description: This is a review over economic systems!
Instructions: Answer all questions to get your test result.
1) A product of the earth (“gift of nature”) that people use to meet their needs is a
A
good.
B
free enterprise.
C
natural resource.
D
service
2) The number limit on how many items of a particular product can be imported from a particular country is the
A
tariff
B
quota
C
demand.
D
supply.
3) The economic system of communist countries is most closely related to which of the following: A. Command economy
A
Mixed economy
B
Command economy
C
Traditional economy
D
Market economy
4) Which of the following is NOT one of the basic questions that all economic systems must answer:
A
For whom to produce?
B
What to produce?
C
How much to produce?
D
How to produce?
5) In a command economy, economic decisions are made by the
A
government.
B
consumers.
C
producers.
D
market.
6) Which is an example of human capital?
A
Roads
B
Machinery
C
Factories
D
Education
7) Who owns the resources in a command economy?
A
the government
B
private businesses
C
individuals
D
no one
8) How are goods and services exchanged in a traditional economy?
A
through prices and wages
B
through shortages and surpluses
C
through bartering
D
through government regulation
9) Which trade barrier sets up a complete ban on trading between countries?
A
quota
B
mountain
C
embargo
D
tariff
10) There are no truly pure Market economic systems, but which of the following countries is the closest?
A
Germany
B
Russia
C
United States
D
Cuba
*select an answer for all questions
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