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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
command
B
traditional
C
market
D
mixed
2) someone who is willing to take a risk to start a business
A
human capital
B
entrepreneur
C
capital
D
literacy rate
3) factories machines and technology available in a country
A
literacy rate
B
capital goods
C
human capital
D
specialization
4) producing those goods that a country can make most easily so they can trade for goods by others
A
specialization
B
quota
C
market
D
command economy
5) a ban on trading with a particular country for economic or political reasons
A
tariff
B
quota
C
gdp
D
embargo
6) limit on imported goods
A
tariff
B
quota
C
gdp
D
embargo
7) ability of people 15 or older to read and write
A
literacy rate
B
gdp
C
standard of living
D
natural resources
8) policies that limit the ability of a country to trade
A
gdp
B
trade barriers
C
politicians
D
natural resources
9) gifts of nature
A
literacy rate
B
natural resources
C
gdp
D
capital goods
10) decisions based on custom and beliefs
A
market
B
command
C
mixed
D
traditional
11) tax on imports
A
embargo
B
quota
C
trade barriers
D
tariff
*select an answer for all questions
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