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Basics Of Economics
Test Description: Economics
Instructions: Answer all questions to get your test result.
1) Which of these must be present for international trade to be successful?
A
a system for imposing protective tariffs
B
a system for exchanging currencies
C
a system for raising taxes
D
a system for securing borders
2) A mixed economy is:
A
mainly government-owned businesses
B
businesses controlled by European investors
C
a mixture of private and government-owned businesses
D
the economy is based on customs and beliefs
3) Who chooses how to produce in a market economy?
A
the government
B
national legislatures
C
religious leaders
D
individual citizens
4) What is a tariff?
A
a limit on trade with other countries
B
a limit on imports from other nations
C
the refusal to cooperate with other countries in a specific region
D
a tax placed on imports
5) If a country does not invest in its human capital, how can it affect the country’s GDP?
A
GDP is only affected if workers pay for the investment out of their own pockets.
B
Most workers want to keep their jobs and do not care about GDP.
C
GDP may not rapidly increase because poorly trained workers will not be able to do their jobs as well.
D
Investment in human capital has little effect on a country’s GDP.
6) Which type of trade barrier is a limit on trade?
A
embargo
B
quota
C
subsidy
D
tariff
7) What are capital goods?
A
the money spent to train workers to use new technology
B
the goods and services that are produced for a country’s economy
C
the factories, machinery, and technology used to make goods
D
the workers who make the goods and services
8) In some countries, it is easy to start a business. What impact does this have on the role of entrepreneurs?
A
Entrepreneurs can make significant contributions to economies.
B
Entrepreneurs will have no real impact on economies.
C
The efforts of entrepreneurs are limited because of a lack of government rules.
D
Entrepreneurs are not affected.
9) Which type of economic system is based on customs and beliefs?
A
market economy
B
command economy
C
mixed economy
D
traditional economy
10) Who makes all economic decisions in a command economy?
A
religious leaders
B
the government
C
individual citizens
D
national legislatures
*select an answer for all questions
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