Eco Question Preview (ID: 19826)


Ch. 1 Ch. 2 Ch. 3 Ch. 7. TEACHERS: click here for quick copy question ID numbers.

Any regulations that blocks international trade is considered what?
a) Duties
b) Trade Barriers
c) Tariffs
d) Quotas

Which is the correct order of the top 6 U.S. trading partners?
a) South Korea, Germany, Japan, Mexico, China, Canada
b) Canada, China, Mexico, Japan, Germany, South Korea
c) Germany, Japan, China, Canada, Mexico, South Korea
d) China, Canada, Germany, Mexico, Japan, South Korea

A high rise office building is what kind of factor of production and what income?
a) land, profit
b) capital, interest
c) labor, rent
d) land, wager

Chick-fil-a is an example of what type of business?
a) Sole Proprietorship
b) Ownership
c) Partnership
d) Corporation

Minimum wage is what type of goal of the Free Enterprise System?
a) Full Employement
b) Security
c) Freedom
d) Equity

China can make 200 phones or 50 tablets, and America can make 100 phones or 150 tablets. What advantage does America have over China in making tablets?
a) Productive Advantage
b) Absolute Advantage
c) Controlled Advantage
d) Comparative advantage

The ability to produce more with less resources than other countries is known as what?
a) Absolute Advantage
b) Compared Advantage
c) Protectionism
d) Quotas

What is not an advantage of a partnership?
a) Lack of special taxes
b) Easy to raise capital
c) Few legal considerations
d) Easy to form

Which is not a characteristic of the Free Enterprise System
a) Freedom
b) Private Property
c) Competition
d) Stability

What is the key to trade?
a) Comparative Advantage
b) Exports
c) Specialization
d) Absolute Advantage

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