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Economic Systems
Test Description: Social studies
Instructions: Answer all questions to get your test result.
1) __________________ is the limited supply of something.
A
tariff
B
economy
C
command
D
scarcity
2) What does an economic system do?
A
determines what the money should look like
B
determines what color the money should be
C
determines who gets the most money
D
determines how to use limited resources
3) Which of the following is NOT a question that should be answered when determining an economic system?
A
Who will consume the goods and services?
B
How will goods and services be produced?
C
What goods and services will be produced?
D
What time will the goods and services be sold?
4) In a _______________ economy, the customs and habits of the past are used to decide what and how goods will be produced, distributed, and consumed.
A
command
B
market
C
traditional
5) In a centralized ________________ economy, government planning groups make the basic economic decisions.
A
traditional
B
command
C
market
6) In a decentralized _____________ economy, decisions are guided by changes in prices that occur between individual buyers and sellers in the marketplace.
A
command
B
market
C
traditional
7) There are no exampes of ______________ economy in Europe.
A
traditional
B
market
C
command
8) Although the new Russian Federation has adopted a more _________ economy, the former Soviet Union was an example of a __________ economy.
A
free; traditional
B
mixed; command
C
market; mixed
9) All economies are mixed.
A
true
B
false
10) Most of Europe operates in a _______________ economy.
A
traditional
B
command
C
market
11) Which of the following is not a trade barrier?
A
embargo
B
tariff
C
quota
D
traditional
12) What is the voluntary exchange of goods and services among people and countries?
A
trade
B
economy
C
religion
D
location
13) Countries limit trade by creating trade _____________.
A
quotas
B
tariffs
C
barriers
D
embargoes
14) The most common trade barriers are ______ and ______.
A
traditional and market
B
tariffs and quotas
C
tariffs and embargos
D
trade and tariffs
15) a tax on imports
A
quota
B
mixed
C
tariff
D
embargo
16) a limit placed on the number of imports that may enter a country
A
command
B
quota
C
tariff
D
embargo
17) a government order to stop trading with another country
A
quota
B
embargo
C
market
D
tariff
18) The European Union is a
A
free liberal zone
B
free lance zone
C
free barrier zone
D
free trade zone
19) In a free trade zone, there are not
A
embargos
B
commands
C
tariffs
D
quotas
*select an answer for all questions
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