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Unit 1 Economics Vocabulary Terms
Test Description: Vocabulary Terms
Instructions: Answer all questions to get your test result.
1) Type of economy controlled by the government.
A
Command
B
Mixed
C
Market
D
Traditional
2) One country refuses to trade with another.
A
Domino theory
B
Embargo
C
Tariff
D
Quota
3) Management of money and resources
A
Embargo
B
Economy
C
Diversity
D
Environment
4) Type of economy based on what people want to buy and sell
A
Mixed
B
Traditional
C
Market
D
Command
5) Type of economy that combines market and command
A
Command
B
Traditional
C
Market
D
Mixed
6) Limits the number of items that are imported into a country
A
Imports
B
Tariff
C
Embargo
D
Quota
7) When a country is good at making one or two things very well
A
Quota
B
Trade Barriers
C
Diversity
D
Specialization
8) A tax placed on goods that are imported into a country
A
Quota
B
Embargo
C
Tariff
D
Credit
9) Exchanging one item such as currency for another item
A
Quota
B
Embargo
C
Trade Barrier
D
Trade
10) Restrictions on buying and selling goods between countries
A
Trade Barrier
B
Market
C
Corrupt
D
Economy
11) Type of economy based on traditions and customs; bartering is used
A
Mixed
B
Democratic
C
Traditional
D
Command
*select an answer for all questions
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