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Unit 1 (ECON)
Test Description: New Standards: Unit 1
Instructions: Answer all questions to get your test result.
1) An economy based on customs and beliefs is a:
A
command economy
B
traditional economy
C
mixed economy
D
market economy
2) Individual citizens make all economic decisions in a:
A
command economy
B
mixed economy
C
traditional economy
D
market economy
3) The government answers all economic questions in a:
A
mixed economy
B
command economy
C
market economy
D
traditional economy
4) A tax placed on imports is a(n):
A
embargo
B
tariff
C
quota
D
subsidy
5) Both the government and individual citizens answer economic questions in a:
A
market economy
B
traditional economy
C
command economy
D
mixed economy
6) A limit on imports is a(n):
A
subsidy
B
embargo
C
quota
D
tariff
7) A limit on trade is a(n):
A
quota
B
embargo
C
subsidy
D
tariff
8) The factories, machinery, and technology used to make others goods are:
A
entrepreneurship
B
currency exchange
C
capital goods
D
human capital
9) The money spent to train and educate citizens on how to use new technology is called:
A
capital goods
B
entrepreneurship
C
currency exchange
D
human capital
10) In order for international trade to be successful, there must be a system of:
A
securing borders
B
raising taxes
C
imposing protective tariffs
D
exchanging currencies
11) If a country invests in human capital and/or capital goods, the GDP will:
A
slowly decrease
B
stay the same
C
rapidly decrease
D
rapidly increase
*select an answer for all questions
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