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Economics Practice Test 1
Test Description: Economic terms and situations.
Instructions: Answer all questions to get your test result.
1) What is the purpose of free trade partnerships like the North Atlantic Free Trade Agreement (NAFTA) between the USA, Canada, and Mexico?
A
to help the countries produce everything they need for themselves
B
to keep the countries from trading with Europe or Asia
C
to increase trade by doing away with tariffs.
D
to allow countries to get needed goods without having to pay for them.
2) In which economic system are the production and distribution of goods owned by private individuals or corporations?
A
feudalism
B
traditional
C
command
D
market
3) In the late 1700s, the British government used the colony of Australia as a
A
a prison to which criminals could be sent
B
a military base to replace African colonies.
C
a source of resources like coal and iron.
D
a location in which to build new factories
4) A country's parliament votes to increase tariffs upon goods from another country. This is an example of
A
a communist government allowing freedom of speech.
B
a socialist congress preventing free enterprise.
C
a representative democracy restricting trade.
D
a monarchy encouraging free trade.
5) When a country has a market economy, which of these statements correctly defines this system?
A
The government controls most of the businesses in the country.
B
Basic goods in the country are provided to all people without charge.
C
Companies produce goods of their choice and consumers decide whether to buy the goods.
D
Workers are guaranteed a pay raise every year.
6) Which economic term best describes using money to earn more money?
A
trading
B
selling
C
borrowing
D
investing
7) Which term best describes an economic system in which the government - not the people- own land, factories, and businesses?
A
communism
B
command
C
traditional
D
market
8) A market economy is very different from a command economy. Which of the following is found in a market economy?
A
government control of industry
B
guaranteed yearly pay raises
C
goverment control of agriculture
D
competition
9) In a traditional economic system people usually exchange goods or services rather than use money. Which of the following is an example of this?
A
charging goods on a credit card
B
paying for services by check
C
using currency to pay
D
bartering with a seller
10) Which of the following best identifies the economy of Cuba?
A
traditional
B
command
C
market
D
feudal
*select an answer for all questions
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