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Economic 202 And 303 Terms
Test Description: Economic terms from GA standards
Instructions: Answer all questions to get your test result.
1) A limit placed on the number of imports that may enter a country
A
tariff
B
currency
C
quota
D
embargo
2) A government order stopping trade with another country to put pressure on the government of that country
A
GDP
B
tariff
C
quota
D
embargo
3) A tax on imports
A
physical capital
B
tariff
C
quota
D
embargo
4) The division of labor; work is divided into parts for workers, factories, or countries to become experts at producing certain goods
A
embargo
B
entrepreneur
C
human capital
D
specialization
5) One who risks his or her own money, time, ideas, and energy to start and run a business
A
natural resources
B
currency
C
entrepreneur
D
specialization
6) Factories, machines, technologies, buildings, and property needed for a business to operate
A
investment capital
B
human capital
C
natural resources
D
physical capital
7) Workers of a business or country including their education, training, skills, and health
A
investment capital
B
natural resources
C
human capital
D
physical capital
8) The total value of all the goods and services produced in a country in one year
A
GDP - gross domestic product
B
entrepreneur
C
specialization
D
natural resources
9) Money used in a particular country to buy goods and services
A
currency
B
specialization
C
entrepreneur
D
natural resources
10) Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
A
GDP
B
human capital
C
natural resources
D
currency
*select an answer for all questions
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