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SS7E Economic Systems
Test Description: SS7E economic systems
Instructions: Answer all questions to get your test result.
1) Goods brought in to one country from another country
A
Quota
B
Specialization
C
Tariff
D
Imported
2) a set specific amount or number of a product that can be brought into another country
A
Embargo
B
Imported
C
Tariff
D
Quota
3) When one country announces that it will no longer trade with another
A
Quota
B
Imported
C
Tariff
D
Embargo
4) When a country can produce all the goods and services it needs
A
Laissez-faire
B
quota
C
imported
D
Self-sufficient
5) In a traditional Economy how are economic decisions made?
A
custom and habit
B
combination of consumers and producers
C
consumers and planners
D
government leaders
6) In a command economy how are economic decisions made?
A
custom and habit
B
government planners
C
combination of consumers and planners
D
consumers and the market
7) In a market economy how are economic decisions made?
A
consumers and the market
B
custom and habit
C
government planners
D
individuals starting new businesses
8) Why are most modern economies referred to as mixed economies?
A
Poverty is always highest in countries with market economies
B
Government planners do not know how to handle economic problems
C
Most countries have aspects of all three economic types at work in their economies.
D
products made by traditional economies have no markets in the modern world
9) How does voluntary trade help the economy?
A
Voluntary trade only works when tariffs are in place
B
It encourages specialization and usually means more profit.
C
This sort of trade involves many government regulations
D
Voluntary trade means prices will always be low
10) What is an embargo
A
a halt to trade with a particular country for economic or political reasons.
B
a tax placed on goods coming into the country from overseas
C
a limit on the amount of certain goods allowed into the country
D
a tax paid by the producer before he can sell his goods in another country
*select an answer for all questions
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