ECON VOCAB REVIEW Question Preview (ID: 32730)


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decisions are made by private citizens with no gov regulations
a) market
b) traditional
c) command
d) mixed

someone who is willing to take a risk to start a business
a) entrepreneur
b) human capital
c) literacy rate
d) capital

factories machines and technology available in a country
a) capital goods
b) human capital
c) literacy rate
d) specialization

producing those goods that a country can make most easily so they can trade for goods by others
a) specialization
b) market
c) command economy
d) quota

a ban on trading with a particular country for economic or political reasons
a) embargo
b) quota
c) tariff
d) gdp

limit on imported goods
a) quota
b) tariff
c) embargo
d) gdp

ability of people 15 or older to read and write
a) literacy rate
b) standard of living
c) gdp
d) natural resources

policies that limit the ability of a country to trade
a) trade barriers
b) gdp
c) natural resources
d) politicians

gifts of nature
a) natural resources
b) gdp
c) literacy rate
d) capital goods

decisions based on custom and beliefs
a) traditional
b) command
c) market
d) mixed

tax on imports
a) tariff
b) quota
c) embargo
d) trade barriers

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