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