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Econ Fundamentals 2 Test Review
Test Description: Review
Instructions: Answer all questions to get your test result.
1) Bartering is trading without money.
A
True
B
False
2) An economy who's supply and demand isn't controlled by the government.
A
Capitialism
B
Mixed Economy
C
Command Economy
D
Market Economy
3) A tax of 15% makes jewelry from Mexico more expensive than jewelry make in the United States.This is an example of which trade barrier?
A
Product Safety Standards
B
Quotas
C
Export Subsidy
D
Tariff
4) When supply and price are controlled by the government instead of market it is called a
A
Traditional System
B
Economic System
C
Mixed Economy
D
Command Economy
5) A tariff is a tax on imports or exports of products.
A
False
B
True
6) Korea may export only 15,000 automobiles a year to the United States. This is an example of which trade barrier?
A
Quotas
B
Export Subsidy
C
Product Safety Standards
D
Tariff
7) A system of production and exchange of goods
A
Market
B
Command Economy
C
Economic System
D
Traditional System
8) A competition is when sellers compete for dollars.
A
True
B
False
9) Any arrangement that allows sellers to exchange goods or services
A
Command Economy
B
Mixed Economy
C
Market
D
Capitialism
10) Incentive is expected results that make people act in a different manner.
A
True
B
False
11) Who can produce whatever they want
A
Firms
B
Lawyers
12) Government controls what to produce in what system
A
command
B
traditional
13) who can purchase whatever they want
A
consumers
B
government
14) Free Market can allow greater
A
needs and wants
B
goods and services
*select an answer for all questions
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