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Econ Vocab Review 2
Test Description: Review your econ vocabulary with one of the games below.
Instructions: Answer all questions to get your test result.
1) A ___________________________ is a limit on how much of a product may be imported or produced.
A
trade barrier
B
quota
C
embargo
D
tariff
2) An ______________________________ is a person who produces goods and services.
A
capitalist
B
entrepreneur
C
traditionalist
D
socialist
3) An _____________________________ is a type of trade barrier that is backed by military force.
A
quota
B
trade barrier
C
tariff
D
embargo
4) A _____________________ economy is based on individual choice and voluntary trade.
A
mixed
B
command
C
traditional
D
market
5) A _________________________ system allows for competition between business owners without government control.
A
traditional
B
free enterprise
C
communism
D
socialism
6) _________________________________ is the knowledge and skills that workers bring to their job.
A
human capital
B
capital goods
C
natural resources
D
labor
7) The exchange of goods without tariffs or quotas is ______________________________.
A
mixed
B
capitalism
C
free trade
D
economic growth
8) A ___________________ economy is influenced by traditional, command and market economic systems.
A
market
B
command
C
traditional
D
mixed
9) ________________________________ are the raw materials used to make goods.
A
land
B
capital goods
C
human capital
D
natural resources
10) _______________________________ is a type of command economy with one-party rule and ownership of resources and decision making power.
A
free enterprise
B
communism
C
traditionalism
D
socialism
*select an answer for all questions
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