Economic Study Questions For Test: Question Preview (ID: 26365)


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What are the three economic questions all economic systems have to answer?
a) The three economic questions all economic systems have to answer are traditional, command, and market.
b) The three economic questions all economic systems have to answer are what, how , and for whom to produce.
c) The three economic questions all economic systems have to answer are embargo, tariff, and quota.
d) The three economic questions all economic systems have to answer are natural, capital, and human resources.

What are the three economic systems?
a) The three economic systems are traditional, market, and command.
b) The three economic systems are what, how, and for whom to produce.
c) The three economic systems are embargo, tariff, and quota
d) The three economic system are natural, human, and capital resources

What does NAFTA stand for and what countries are involved.
a) North Atlantic For Turtles Agency; United Kingdom, Spain, France
b) North Africa Fur Trade Agency: South Africa, Kenya, Sudan
c) North Asia Fast Task Automobile; Russia, China, Japan
d) North America Free Trade Agreement; USA, Canada, and Mexico

Entrepreneurs are
a) imaginative, willing to take risks, and resourceful
b) lazy, friendly, kind
c) not willing to take risks
d) not resourceful, forgetful

Canada will only let 50,000 t-shirts be imported from China.
a) Tariff
b) Quota
c) Embargo
d) Traditional

Capital resources are always ____________________________________.
a) liquid
b) Man-made
c) water
d) natural resources

What are the four factors of production? CELL
a) capital resources, entrepreneurs, land-natural resources, labor-human resources
b) traditional, command, market, mixed
c) what , how, for whom to produce
d) embargo, tariff, quota, natural barrier

Goods, such as machines and tools, used in the production of other goods and services.
a) Natural resources
b) human resources
c) entrepreneur
d) capital resources

Resources that are found in nature (comes from the earth) and used in the production of goods and services
a) human resources
b) capital resources
c) natural resources
d) embargo resources

Skills, talents and education of people used in the production of goods and services
a) entrepreneur
b) capital resources
c) human resources
d) natural resources

Economic system where consumers make economic decisions that occur between buyers and sellers.
a) Command
b) Market
c) Mixed
d) Traditional

In a command economy, who usually owns the farms and factories?
a) Individuals
b) Corporations
c) the Government
d) Farm and factory workers

Economy where the consumers and producers have some control and the government has some control (most common in the world)
a) Traditional
b) Command
c) Market
d) Mixed

Economic system where the government controls what a factory produces
a) Command
b) Market
c) Mixed
d) Traditional

Customs and are habits are most important to which type of economy?
a) Command
b) Market
c) Mixed
d) Traditional

Tax on imported goods
a) tariff
b) quota
c) embargo
d) traditional

STOP (prohibit, forbid) trade with another country.
a) quota
b) command
c) tariff
d) embargo

Limit on the quantity of an imported good.
a) embargo
b) human resource
c) quota
d) tariff

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