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Economics Vocab Review
Test Description: Vocabulary Review
Instructions: Answer all questions to get your test result.
1) The government controls what to make, how many to make, how to make it, and sets the price. Decisions are made by government planners.
A
Mixed
B
Traditional
C
Command
D
Market
2) A combination of government control (to protect consumers) and individual control (to increase money). Most economies in the world are this type of system.
A
Mixed
B
Traditional
C
Market
D
Command
3) The individual decides what to make, how many to make, how to make it, and sets the price.
A
Mixed
B
Command
C
Traditional
D
Market
4) Based on customs from the past, this economic system involves trading goods for services.
A
Traditional
B
Market
C
Mixed
D
Command
5) Another word for money
A
Currency
B
Natural Resources
C
Specialization
D
Embargo
6) System to change from one type of currency to another. Important for trade between countries.
A
Entrepreneur
B
Currency
C
Exchange Rate
D
Tariff
7) Total value of all the goods and services a country produces in a year.
A
Currency
B
Quota
C
Gross Domestic Product
D
Standard of Living
8) Raw materials such as land, water, forests, soil, minerals, oil, and natural gas.
A
Natural Resources
B
Standard of Living
C
Specialization
D
Gross Domestic Product
9) An individual willing to take a risk in order to create a new product or service.
A
Entrepreneur
B
Embargo
C
Trade barrier
D
Specialization
10) An indicator of the quality of life in a country. It includes life expectancy, GDP, literacy rate, etc…
A
Literacy Rate
B
Standard of Living
C
Specialization
D
Gross Domestic Product
11) Producing the goods or services that a country makes best so they can sell them to get money for what they need.
A
Currency
B
Natural Resources
C
Specialization
D
Quota
12) Anything that slows down or stops one country from trading with another.
A
Entrepreneur
B
Natural Resources
C
Trade Barrier
D
Currency
13) A tax placed on goods from another country.
A
Embargo
B
Tariff
C
Quota
D
Entrepreneur
14) A specific amount or limit of goods that can be imported.
A
Entrepreneur
B
Tariff
C
Quota
D
Embargo
15) When one country stops trading with another country.
A
Quota
B
Tariff
C
Embargo
D
Currency
16) Investing in training, education, and job training for the workforce.
A
Currency
B
Capital Goods
C
Human Capital
D
Specialization
17) Investing in things such as factories, equipment, computer systems, vehicles, and technology
A
Currency
B
Human Capital
C
Capital Goods
D
Specialization
*select an answer for all questions
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