Unit 1 (ECON): Question Preview (ID: 16494)


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If a country invests in human capital and/or capital goods, the GDP will:
a) rapidly increase
b) rapidly decrease
c) stay the same
d) slowly decrease

In order for international trade to be successful, there must be a system of:
a) exchanging currencies
b) raising taxes
c) securing borders
d) imposing protective tariffs

The money spent to train and educate citizens on how to use new technology is called:
a) human capital
b) capital goods
c) entrepreneurship
d) currency exchange

The factories, machinery, and technology used to make others goods are:
a) capital goods
b) human capital
c) entrepreneurship
d) currency exchange

A limit on trade is a(n):
a) embargo
b) tariff
c) quota
d) subsidy

A limit on imports is a(n):
a) quota
b) tariff
c) embargo
d) subsidy

Both the government and individual citizens answer economic questions in a:
a) mixed economy
b) command economy
c) traditional economy
d) market economy

A tax placed on imports is a(n):
a) tariff
b) quota
c) embargo
d) subsidy

The government answers all economic questions in a:
a) command economy
b) market economy
c) mixed economy
d) traditional economy

Individual citizens make all economic decisions in a:
a) market economy
b) command economy
c) mixed economy
d) traditional economy

An economy based on customs and beliefs is a:
a) traditional economy
b) market economy
c) command economy
d) mixed economy

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