Unit 1 Economics Vocabulary Terms Question Preview (ID: 38193)
Vocabulary Terms.
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Type of economy controlled by the government.
a) Market
b) Command
c) Mixed
d) Traditional
One country refuses to trade with another.
a) Domino theory
b) Embargo
c) Tariff
d) Quota
Management of money and resources
a) Embargo
b) Environment
c) Economy
d) Diversity
Type of economy based on what people want to buy and sell
a) Traditional
b) Market
c) Mixed
d) Command
Type of economy that combines market and command
a) Market
b) Traditional
c) Command
d) Mixed
Limits the number of items that are imported into a country
a) Imports
b) Tariff
c) Quota
d) Embargo
When a country is good at making one or two things very well
a) Specialization
b) Diversity
c) Quota
d) Trade Barriers
A tax placed on goods that are imported into a country
a) Tariff
b) Quota
c) Embargo
d) Credit
Exchanging one item such as currency for another item
a) Trade
b) Quota
c) Embargo
d) Trade Barrier
Restrictions on buying and selling goods between countries
a) Trade Barrier
b) Market
c) Economy
d) Corrupt
Type of economy based on traditions and customs; bartering is used
a) Command
b) Democratic
c) Mixed
d) Traditional
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