Econ Fundamentals 2 Test Review Question Preview (ID: 21995)


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A competition is when sellers compete for dollars.
a) True
b) False
c)
d)

A system of production and exchange of goods
a) Traditional System
b) Command Economy
c) Economic System
d) Market

A tariff is a tax on imports or exports of products.
a) True
b) False
c)
d)

Korea may export only 15,000 automobiles a year to the United States. This is an example of which trade barrier?
a) Tariff
b) Export Subsidy
c) Product Safety Standards
d) Quotas

When supply and price are controlled by the government instead of market it is called a
a) Mixed Economy
b) Command Economy
c) Traditional System
d) Economic System

A tax of 15% makes jewelry from Mexico more expensive than jewelry make in the United States.This is an example of which trade barrier?
a) Quotas
b) Tariff
c) Export Subsidy
d) Product Safety Standards

An economy who's supply and demand isn't controlled by the government.
a) Market Economy
b) Mixed Economy
c) Command Economy
d) Capitialism

Bartering is trading without money.
a) True
b) False
c)
d)

Any arrangement that allows sellers to exchange goods or services
a) Mixed Economy
b) Command Economy
c) Market
d) Capitialism

Incentive is expected results that make people act in a different manner.
a) True
b) False
c)
d)

Who can produce whatever they want
a) Firms
b) Lawyers
c)
d)

Government controls what to produce in what system
a) command
b) traditional
c)
d)

who can purchase whatever they want
a) consumers
b) government
c)
d)

Free Market can allow greater
a) goods and services
b) needs and wants
c)
d)

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