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Unit 6 Review
Test Description: SS7E8, SS7E9, SS7E10
Instructions: Answer all questions to get your test result.
1) Japan has limited its imports from China. This is an example of a(n):
A
subsidy
B
tariff
C
quota
D
embargo
2) Who makes all economic decisions in a market economy?
A
religious authorities
B
the country's legislature
C
the government
D
individual citizens
3) How does specialization assist the economies of all countries?
A
It does not affect trade between countries.
B
It motivates countries to migrate closer to command economies.
C
It encourages trade between countries.
D
It restricts trade between countries.
4) Which S+E Asian nation has the most economic freedoms for its people?
A
Japan
B
North Korea
C
India
D
China
5) Why does China have more of a command economy than Japan?
A
In China, the government makes more business decisions.
B
In China, individual citizens make more business decisions.
C
In China, religious authorities mainly determine what goods are produced.
D
In China, tradition mainly determines what goods are produced.
6) Who answers all economic questions in a command economy?
A
the government and individual citizens
B
the government
C
individual citizens
D
religious leaders
7) Why is it important to have a system to convert from one currency to another?
A
The banks are not able to handle different kinds of currencies.
B
The conversion to different currencies makes goods cost less.
C
Converting currency makes it possible to buy and sell goods between nations with different types
D
The dollar is the most valuable currency in the world today.
8) Which type of trade barrier describes a tax placed on imports?
A
a subsidy
B
a tariff
C
an embargo
D
a quota
9) Which type of economic system is based on customs and beliefs?
A
a traditional economy
B
a command economy
C
a market economy
D
a mixed economy
10) What are capital goods?
A
tax money used to pay for improving a country's infrastructure
B
the money spent to train and educate workers
C
the factories, machinery, and technology used to make other goods
D
all goods produced in major cities
11) The U.S. has limited its trade with North Korea since the end of the Korean War. This is an example of:
A
an embargo
B
a tariff
C
a quota
D
a subsidy
12) Which type of economy is based on customs and beliefs?
A
a command economy
B
a mixed economy
C
a market economy
D
a traditional economy
*select an answer for all questions
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