Econ Vocab Review 2 Question Preview (ID: 10274)


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A ___________________________ is a limit on how much of a product may be imported or produced.
a) embargo
b) quota
c) tariff
d) trade barrier

An ______________________________ is a person who produces goods and services.
a) capitalist
b) entrepreneur
c) socialist
d) traditionalist

An _____________________________ is a type of trade barrier that is backed by military force.
a) embargo
b) quota
c) tariff
d) trade barrier

A _____________________ economy is based on individual choice and voluntary trade.
a) command
b) market
c) mixed
d) traditional

A _________________________ system allows for competition between business owners without government control.
a) communism
b) free enterprise
c) socialism
d) traditional

_________________________________ is the knowledge and skills that workers bring to their job.
a) capital goods
b) human capital
c) labor
d) natural resources

The exchange of goods without tariffs or quotas is ______________________________.
a) capitalism
b) economic growth
c) free trade
d) mixed

A ___________________ economy is influenced by traditional, command and market economic systems.
a) command
b) market
c) mixed
d) traditional

________________________________ are the raw materials used to make goods.
a) capital goods
b) human capital
c) land
d) natural resources

_______________________________ is a type of command economy with one-party rule and ownership of resources and decision making power.
a) communism
b) free enterprise
c) socialism
d) traditionalism

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