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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
an embargo
B
a tariff
C
a sanction
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 quota
B
a sanction
C
a domestic trade blockade
D
a trade barrier
3) This term refers to the products which originating in one's own country.
A
Domestic
B
Sanction
C
Foreign
D
Boycott
4) A trade barrier that blocks all trade with another nation is called;
A
a tariff
B
specialization
C
an embargo
D
a boycott
5) A trade barrier that places a limit on imported goods is called;
A
a quota
B
a boycott
C
a tariff
D
an embargo
6) The act of economically punishing another nations is called;
A
a domectic quota
B
WRONG ANSWER
C
a foreign boycott
D
a sanction
7) A trade barrier which places a tax on imported goods is called;
A
a tariff
B
an embargo
C
a quota
D
a sanction
8) A blend of market, command, and traditional economies is called;
A
a mixed economy
B
a marcomtra economy
C
None of these answer are correct
D
a blended economy
9) Trading goods with no money exchanged is called;
A
bartering
B
stealing
C
subsistence
D
free enterprise
10) A economic model where government planners make ALL business and financial decisions is called;
A
a market economy
B
a traditional economy
C
a mixed economy
D
a command economy
*select an answer for all questions
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