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Economics
Test Description: SS7E Key Vocabulary
Instructions: Answer all questions to get your test result.
1) Means something that has been passed down in a culture form
A
Quota
B
Specialization
C
Tradition
D
Bartering
2) Trading goods for other goods
A
Imported
B
Bartering
C
Tradition
D
Tariff
3) Centralized economy, in which government planning groups make most of the economic decisions
A
Command Economy
B
Traditional Economy
C
Mixed Economy
D
Market Econome
4) French phrase that means to allow them to do as they please
A
Laissez-faire
B
Laissez Bon Ton Roulez
C
Trez Bien
D
C\'est tu fini
5) Located on a continuum between pure market and a Command market economy
A
Traditional Economy
B
North Korean Economy
C
Trade Barriers
D
Mixed Economy
6) When both parties in the transaction see that they will be able to gain something in the exchange
A
Specialization
B
Quota
C
Vouluntary Trade
D
Self-Sufficient
7) Creating products that a country does best at and are in demand
A
Embargo
B
Specialization
C
Tariff
D
Quota
8) Anything that slows down or prevents one country from exchanging goods with another
A
Quota
B
Tariff
C
Bartering
D
Trade Barriers
9) A tax placed on goods when they are imported
A
Tariff
B
Embargo
C
Quota
D
Trade Barriers
10) Goods brought into one country from another country
A
Ex-ported
B
Embargo
C
Tariff
D
Imported
*select an answer for all questions
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