Economics Practice Test 1 Question Preview (ID: 3747)
Economic Terms And Situations.
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What is the purpose of free trade partnerships like the North Atlantic Free Trade Agreement (NAFTA) between the USA, Canada, and Mexico?
a) to increase trade by doing away with tariffs.
b) to allow countries to get needed goods without having to pay for them.
c) to keep the countries from trading with Europe or Asia
d) to help the countries produce everything they need for themselves
In which economic system are the production and distribution of goods owned by private individuals or corporations?
a) traditional
b) feudalism
c) market
d) command
In the late 1700s, the British government used the colony of Australia as a
a) a prison to which criminals could be sent
b) a location in which to build new factories
c) a military base to replace African colonies.
d) a source of resources like coal and iron.
A country's parliament votes to increase tariffs upon goods from another country. This is an example of
a) a monarchy encouraging free trade.
b) a representative democracy restricting trade.
c) a socialist congress preventing free enterprise.
d) a communist government allowing freedom of speech.
When a country has a market economy, which of these statements correctly defines this system?
a) Workers are guaranteed a pay raise every year.
b) The government controls most of the businesses in the country.
c) Basic goods in the country are provided to all people without charge.
d) Companies produce goods of their choice and consumers decide whether to buy the goods.
Which economic term best describes using money to earn more money?
a) selling
b) borrowing
c) trading
d) investing
Which term best describes an economic system in which the government - not the people- own land, factories, and businesses?
a) communism
b) market
c) command
d) traditional
A market economy is very different from a command economy. Which of the following is found in a market economy?
a) competition
b) guaranteed yearly pay raises
c) government control of industry
d) goverment control of agriculture
In a traditional economic system people usually exchange goods or services rather than use money. Which of the following is an example of this?
a) charging goods on a credit card
b) bartering with a seller
c) paying for services by check
d) using currency to pay
Which of the following best identifies the economy of Cuba?
a) traditional
b) market
c) feudal
d) command
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