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Basic Econ Vocab
Test Description: Sdfasdff
Instructions: Answer all questions to get your test result.
1) why are most countries mixed economies?
A
most are traditional
B
most are specialization
C
most are market and command
D
most are trade barriers
2) designing, launching, and running a business
A
trade barriers
B
entrepreneurship
C
human capital
D
specialization
3) which national in africa is a world supplier of diamonds
A
nigeria
B
usa
C
kenya
D
south africa
4) what is difference between tariffs and quotas?
A
tariffs raise prices of imports while quotas limit imports
B
tariffs limit imports while quotas raise prices of imports
C
tariffs raise prices of exports while quotas limit imports
D
tariffs limit exports while quotas raise prices of imports
5) how does specialization encourage trade?
A
no country can produce everything it needs, so it needs to trade for it
B
human capital
C
no country can have perfect gdp, so they buy capital goods
D
trade barriers
6) why would a country use a quota?
A
to help protect the local economy
B
to hurt the local economy
C
to raise taxes
D
to stop trading
7) when a product or industry becomes better developed in a country over a certain time period, the nation then becomes known for this product/service...this is?
A
trade barrier
B
gdp
C
human capital
D
specialization
8) trade between countries
A
international trade
B
human trade
C
indian trade
D
domestic trade
9) rennovating factories and updating machinery
A
investment in capital goods
B
investment in human capital
C
entrepreneurship
D
investment in trade barrier
10) who is awesome
A
i am
B
no one is
C
you are
D
everybody
*select an answer for all questions
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