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Economic Vocabulary Review
Test Description: Economic
Instructions: Answer all questions to get your test result.
1) Goods LEAVING a country.
A
imports
B
exports
C
trade barrier
D
embargo
2) The ability to read and write...
A
literacy
B
specialization
C
traditional economy
D
opportunity cost
3) Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain...
A
Capital resources
B
NAFTA
C
human resources
D
Natural Resources
4) 4) Signed in 1994 by the United States, Canada, and Mexico; eliminated tariffs between these countries.
A
Market Economy
B
Specialization
C
EU
D
NAFTA
5) Money used in a particular country to buy goods and services.
A
Traditional Economy
B
Trade barrier
C
Currency
D
Market Economy
6) The division of labor; work is divided into parts for workers, factories, or countries to become experts at producing certain goods.
A
specialization
B
opportunity cost
C
human resources
D
capital resources
7) Government order to stop trade with another country to put pressure on another country.
A
standard of living
B
Embargo
C
quota
D
tariff
8) Price of one nation's currency in terms of another nation's currency.
A
GDP
B
mixed economy
C
standard of living
D
exchange rate
9) Mountains, rivers, oceans, deserts...
A
capital resources
B
human resources
C
Natural trade barriers
D
Natural Resources
10) 10) A group of 27 European countries united to improve trade, education, farming, and industry among the members.
A
EU
B
NAFTA
C
human resources
D
Traditional economy
11) 11) The degree of wealth and material comfort available to a person or community.
A
entrepreneur
B
human resources
C
natural resources
D
standard of living
12) Economy that is based on customs and beliefs (farming, hunting).
A
market economy
B
command economy
C
specialization
D
traditional economy
13) 13) One or more people who has an idea for a good or service, sets up a business, taking financial risks in hope of profit.
A
human resources
B
capital resources
C
entrepreneur
D
traditional resources
14) 14) Economy that falls in between pure market and pure command (has some of both economies).
A
traditional eonomy
B
market economy
C
command economy
D
mixed economy
*select an answer for all questions
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