Economics Question Preview (ID: 13568)


SS7E Key Vocabulary.

Means something that has been passed down in a culture form
a) Tradition
b) Bartering
c) Specialization
d) Quota

Trading goods for other goods
a) Tradition
b) Imported
c) Bartering
d) Tariff

Centralized economy, in which government planning groups make most of the economic decisions
a) Market Econome
b) Command Economy
c) Mixed Economy
d) Traditional Economy

French phrase that means to allow them to do as they please
a) Laissez-faire
b) C\'est tu fini
c) Laissez Bon Ton Roulez
d) Trez Bien

Located on a continuum between pure market and a Command market economy
a) Mixed Economy
b) Trade Barriers
c) North Korean Economy
d) Traditional Economy

When both parties in the transaction see that they will be able to gain something in the exchange
a) Specialization
b) Vouluntary Trade
c) Self-Sufficient
d) Quota

Creating products that a country does best at and are in demand
a) Specialization
b) Tariff
c) Embargo
d) Quota

Anything that slows down or prevents one country from exchanging goods with another
a) Tariff
b) Trade Barriers
c) Bartering
d) Quota

A tax placed on goods when they are imported
a) Tariff
b) Trade Barriers
c) Embargo
d) Quota

Goods brought into one country from another country
a) Imported
b) Embargo
c) Ex-ported
d) Tariff

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