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Eco
Test Description: Ch. 1 Ch. 2 Ch. 3 Ch. 7
Instructions: Answer all questions to get your test result.
1) Any regulations that blocks international trade is considered what?
A
Trade Barriers
B
Duties
C
Quotas
D
Tariffs
2) Which is the correct order of the top 6 U.S. trading partners?
A
Germany, Japan, China, Canada, Mexico, South Korea
B
China, Canada, Germany, Mexico, Japan, South Korea
C
Canada, China, Mexico, Japan, Germany, South Korea
D
South Korea, Germany, Japan, Mexico, China, Canada
3) A high rise office building is what kind of factor of production and what income?
A
capital, interest
B
land, wager
C
labor, rent
D
land, profit
4) Chick-fil-a is an example of what type of business?
A
Ownership
B
Sole Proprietorship
C
Corporation
D
Partnership
5) Minimum wage is what type of goal of the Free Enterprise System?
A
Full Employement
B
Freedom
C
Equity
D
Security
6) China can make 200 phones or 50 tablets, and America can make 100 phones or 150 tablets. What advantage does America have over China in making tablets?
A
Controlled Advantage
B
Absolute Advantage
C
Productive Advantage
D
Comparative advantage
7) The ability to produce more with less resources than other countries is known as what?
A
Protectionism
B
Absolute Advantage
C
Compared Advantage
D
Quotas
8) What is not an advantage of a partnership?
A
Easy to raise capital
B
Lack of special taxes
C
Few legal considerations
D
Easy to form
9) Which is not a characteristic of the Free Enterprise System
A
Stability
B
Freedom
C
Private Property
D
Competition
10) What is the key to trade?
A
Comparative Advantage
B
Exports
C
Absolute Advantage
D
Specialization
*select an answer for all questions
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