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