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Economic Study Questions For Test
Test Description: Economic study questions for test
Instructions: Answer all questions to get your test result.
1) Customs and are habits are most important to which type of economy?
A
Command
B
Mixed
C
Traditional
D
Market
2) Economic system where the government controls what a factory produces
A
Traditional
B
Mixed
C
Command
D
Market
3) Economic system where consumers make economic decisions that occur between buyers and sellers.
A
Command
B
Traditional
C
Market
D
Mixed
4) In a command economy, who usually owns the farms and factories?
A
Farm and factory workers
B
Individuals
C
Corporations
D
the Government
5) Economy where the consumers and producers have some control and the government has some control (most common in the world)
A
Traditional
B
Command
C
Mixed
D
Market
6) Resources that are found in nature (comes from the earth) and used in the production of goods and services
A
capital resources
B
embargo resources
C
natural resources
D
human resources
7) Skills, talents and education of people used in the production of goods and services
A
human resources
B
entrepreneur
C
natural resources
D
capital resources
8) Goods, such as machines and tools, used in the production of other goods and services.
A
Natural resources
B
human resources
C
entrepreneur
D
capital resources
9) What are the four factors of production? CELL
A
what , how, for whom to produce
B
embargo, tariff, quota, natural barrier
C
capital resources, entrepreneurs, land-natural resources, labor-human resources
D
traditional, command, market, mixed
10) Capital resources are always ____________________________________.
A
liquid
B
natural resources
C
water
D
Man-made
11) Entrepreneurs are
A
not willing to take risks
B
lazy, friendly, kind
C
imaginative, willing to take risks, and resourceful
D
not resourceful, forgetful
12) Canada will only let 50,000 t-shirts be imported from China.
A
Embargo
B
Tariff
C
Traditional
D
Quota
13) What does NAFTA stand for and what countries are involved.
A
North America Free Trade Agreement; USA, Canada, and Mexico
B
North Asia Fast Task Automobile; Russia, China, Japan
C
North Africa Fur Trade Agency: South Africa, Kenya, Sudan
D
North Atlantic For Turtles Agency; United Kingdom, Spain, France
14) What are the three economic systems?
A
The three economic systems are what, how, and for whom to produce.
B
The three economic systems are traditional, market, and command.
C
The three economic systems are embargo, tariff, and quota
D
The three economic system are natural, human, and capital resources
15) What are the three economic questions all economic systems have to answer?
A
The three economic questions all economic systems have to answer are natural, capital, and human resources.
B
The three economic questions all economic systems have to answer are traditional, command, and market.
C
The three economic questions all economic systems have to answer are embargo, tariff, and quota.
D
The three economic questions all economic systems have to answer are what, how , and for whom to produce.
16) Tax on imported goods
A
quota
B
traditional
C
tariff
D
embargo
17) STOP (prohibit, forbid) trade with another country.
A
quota
B
command
C
tariff
D
embargo
18) Limit on the quantity of an imported good.
A
tariff
B
quota
C
human resource
D
embargo
*select an answer for all questions
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