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Economics Vocabulary Terms
Test Description: Vocabulary Practice
Instructions: Answer all questions to get your test result.
1) Producers are free to decide what to produce, and consumers are free to buy whatever they need and want.
A
market economy
B
command economy
2) The government decides what will be produced, how much will be produced, and how much goods and services will cost.
A
market economy
B
command economy
3) A trade product sent to another country.
A
import
B
export
4) A trade product that is brought into a country.
A
import
B
export
5) A physical object that someone produces and someone else buys.
A
good
B
service
6) An action that someone performs in return for money (example - haircut).
A
service
B
good
7) Is the way goods and services are produced and consumed.
A
entrepreneur
B
economy
8) A person who starts up and takes on the risk of a business.
A
entrepreneur
B
economy
9) A limit placed on the amount of something.
A
sanctions
B
quota
10) Restrictions of bans placed on countries so that they will change their behavior.
A
sanctions
B
quota
11) A government payment that supports a business or market.
A
subsidy
B
treaty
C
tariff
12) A tax on imported goods.
A
treaty
B
tariff
C
subsidy
13) A formal agreement between two or more countries.
A
tariff
B
treaty
C
subsidy
14) taxes = Money paid to the government by people and businesses.
A
true
B
false
*select an answer for all questions
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