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Wright SS Economic Vocabulary
Test Description: Wright ss
Instructions: Answer all questions to get your test result.
1) This economic system relies on hunting, farming, making your own clothing, and trading...
A
command
B
mixed
C
market
D
traditional
2) In which economic system does the government decide what is produced and how it is produced.
A
mixed
B
market
C
command
D
traditional
3) In this economic system, citizens decide what to buy and sell.
A
command
B
mixed
C
market
D
traditional
4) Most countries have a combination of 2 or more economic types. This is called a _______ economy.
A
traditonal
B
market
C
mixed
D
command
5) Cuba's government makes most economic decisions. It is a _________ economy.
A
traditional
B
market
C
mixed
D
command
6) Citizens and countries often focus on what they can produce most efficiently. This is called ______________.
A
tariff
B
specialization
C
embargo
D
quota
7) A special TAX placed on imported goods is a ___________.
A
tariff
B
specialization
C
embargo
D
quota
8) When a country forbids trade with another country it is called a ___________ .
A
embargo
B
tariff
C
specialization
D
quota
9) A restriction or limit on the number of goods that can be imported is called a __________.
A
quota
B
embargo
C
specialization
D
tariff
10) Another name for the money/cash we use is _____________ .
A
quota
B
NAFTA
C
currency
D
tariff
11) Receiving a good or service now and paying for it later is called ________.
A
tariff
B
credit
C
GDP
D
euro
12) A system of changing from one type of currency to another
A
credit
B
income
C
exchange rate
D
peso
13) Prices rising over time is __________.
A
GDP
B
income
C
inflation
D
saving
14) When a family grows only enough food to feed their members.
A
capital resources
B
entrpreneur
C
embargo
D
subsistence farming
15) The ability to read or write, _________, is the biggest factor in a country's GDP.
A
credit
B
embargo
C
revenue
D
literacy rate
16) The total value of all goods and services for the year in a country is called its _______.
A
GDP (gross domestic product)
B
credit
C
euro
D
inflation
17) Machines, technology, and all the man-made things used to run a business are called _________ ______.
A
embargo
B
euro
C
savings
D
capital resources
18) Someone who risks time and money to start a business is an ______________.
A
currency
B
natural resource
C
quota
D
entrepreneur
19) Being really good at doing a certain thing is called ______________.
A
tariff
B
income
C
natural resource
D
specialization
20) The work (labor) of people using their hands, ideas, education, etc... is called ___________.
A
capital resources
B
human resources
C
inflation
D
GDP
*select an answer for all questions
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