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Economic Terms - Unit 3
Test Description: This tests information from the GSE Social Studies standards in 6th grade.
Instructions: Answer all questions to get your test result.
1) Refusal to purchase a good/service from a specific company or country is called;
A
a tariff
B
a sanction
C
an embargo
D
a boycott
2) Any activity which slows or outright blocks the free exchange (trade) of goods and services between nations is called;
A
a trade barrier
B
a quota
C
a sanction
D
a domestic trade blockade
3) This term refers to the products which originating in one's own country.
A
Boycott
B
Domestic
C
Sanction
D
Foreign
4) A trade barrier that blocks all trade with another nation is called;
A
a tariff
B
an embargo
C
specialization
D
a boycott
5) A trade barrier that places a limit on imported goods is called;
A
a tariff
B
an embargo
C
a boycott
D
a quota
6) The act of economically punishing another nations is called;
A
a foreign boycott
B
WRONG ANSWER
C
a domectic quota
D
a sanction
7) A trade barrier which places a tax on imported goods is called;
A
an embargo
B
a quota
C
a tariff
D
a sanction
8) A blend of market, command, and traditional economies is called;
A
a blended economy
B
a mixed economy
C
None of these answer are correct
D
a marcomtra economy
9) Trading goods with no money exchanged is called;
A
subsistence
B
stealing
C
free enterprise
D
bartering
10) A economic model where government planners make ALL business and financial decisions is called;
A
a command economy
B
a mixed economy
C
a traditional economy
D
a market economy
*select an answer for all questions
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