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Economic Terms
Test Description: Econ. words
Instructions: Answer all questions to get your test result.
1) goods
A
DIFFERENCE OF VALUE BETWEEN IMPORTS AND EXPORTS IN TRADE
B
a person who works
C
tax on a product
D
product bought with money
2) Currency
A
used to describe conflict between people’s desires and limited amount of resources
B
money in any form that is accepted as a medium of exchange, but especially paper money
C
the percentage of people who can read in a certain country
D
a place or situation where money from different countries is bought and sold for a price
3) income
A
taxes on goods
B
block trades with a physical feature
C
goods bought within your own country
D
money earned from working at a job
4) COMMAND ECONOMY
A
A ECONOMY CONTROLLED ALL BY GOV.
B
ECONOMY THAT ONLY USES CREDIT CARDS
C
ECONOMY BASED OF TRADE AND BARTER
D
A LIMIT ON AMOUNT OF PRODUCT THAT MAY BE IMPORTED IN A SET PERIOD
5) TRADITIONAL ECONOMY
A
TRADE BARRIER IN WHICH GOV. PLACES RESTRICTIONS ON IMPORT AND EXPORT
B
ECONOMY BASED OF TRADE AND BARTER AND ROUTINES
C
A ECONOMY CONTROLLED ALL BY GOV.
D
ECONOMY THAT ONLY USES CREDIT CARDS
6) trade
A
getting an item for another item
B
another word for raw materials
C
a want and a need but a low or high number of items to choose from
D
another word for money
7) TARIFF
A
TRADE BARRIER IN WHICH GOV. PLACES RESTRICTIONS ON IMPORT AND EXPORT
B
A WALL SET UP TO BLOCK TRADE
C
NO TAXES ON ANY TRADED GOODS
D
A TAX OR FEE ON ALL TRADED GOODS
8) profit
A
GOODS BEING SENT OUT OF COUNTRY
B
NO TAXES ON ANY TRADED GOODS
C
MAKING MONEY AND EARNING MORE THAN YOU SPENT
D
A TAX ON ALL TRADED GOODS
9) UNEMPLOYMENT
A
NO TAXES ON ANY TRADED GOODS
B
NOT HAVING A JOB AND NOT EARNING AN INCOME
C
TRADE BARRIER IN WHICH GOV. PLACES RESTRICTIONS ON IMPORT AND EXPORT
D
A TAX OR FEE ON ALL TRADED GOODS
10) Entrepreneur
A
used to describe conflict between people’s desires and limited amount of resources
B
A person who buys good and services
C
a person who trades
D
someone who brings together labor, land and capital goods to produce goods and services
11) Scarcity
A
a person who trades
B
a place or situation where money from different countries is bought and sold for a price
C
someone who brings together labor, land and capital goods to produce goods and services
D
used to describe conflict between people’s desires and limited amount of resources
12) domestic
A
goods and money that stay in your country
B
use of income today in a way that allows growth in the future
C
the level at which someone is able to take care of themselves and provide for themselves
D
a place or situation where money from different countries is bought and sold for a price
13) Globalization
A
Resources such as factories, machines, and tools that people us to make other goods
B
workers with greater knowledge and skills are more productive
C
someone who brings together labor, land and capital goods to produce goods and services
D
goods that are traded to all other countries
14) service
A
taxes
B
money earned
C
paying for job, like a hair cut or lawn service
D
products bought
*select an answer for all questions
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