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ECON VOCAB REVIEW
Test Description: ECON VOCAB
Instructions: Answer all questions to get your test result.
1) decisions are made by private citizens with no gov regulations
A
mixed
B
traditional
C
command
D
market
2) someone who is willing to take a risk to start a business
A
literacy rate
B
entrepreneur
C
capital
D
human capital
3) factories machines and technology available in a country
A
specialization
B
human capital
C
literacy rate
D
capital goods
4) producing those goods that a country can make most easily so they can trade for goods by others
A
command economy
B
market
C
quota
D
specialization
5) a ban on trading with a particular country for economic or political reasons
A
embargo
B
tariff
C
gdp
D
quota
6) limit on imported goods
A
tariff
B
embargo
C
gdp
D
quota
7) ability of people 15 or older to read and write
A
standard of living
B
natural resources
C
literacy rate
D
gdp
8) policies that limit the ability of a country to trade
A
trade barriers
B
natural resources
C
gdp
D
politicians
9) gifts of nature
A
natural resources
B
gdp
C
capital goods
D
literacy rate
10) decisions based on custom and beliefs
A
traditional
B
command
C
market
D
mixed
11) tax on imports
A
quota
B
trade barriers
C
tariff
D
embargo
*select an answer for all questions
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