Basic Econ Vocab Question Preview (ID: 40838)


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why are most countries mixed economies?
a) most are market and command
b) most are traditional
c) most are trade barriers
d) most are specialization

designing, launching, and running a business
a) entrepreneurship
b) specialization
c) trade barriers
d) human capital

which national in africa is a world supplier of diamonds
a) south africa
b) nigeria
c) kenya
d) usa

what is difference between tariffs and quotas?
a) tariffs raise prices of imports while quotas limit imports
b) tariffs raise prices of exports while quotas limit imports
c) tariffs limit imports while quotas raise prices of imports
d) tariffs limit exports while quotas raise prices of imports

how does specialization encourage trade?
a) no country can produce everything it needs, so it needs to trade for it
b) trade barriers
c) human capital
d) no country can have perfect gdp, so they buy capital goods

why would a country use a quota?
a) to help protect the local economy
b) to hurt the local economy
c) to stop trading
d) to raise taxes

when a product or industry becomes better developed in a country over a certain time period, the nation then becomes known for this product/service...this is?
a) specialization
b) trade barrier
c) gdp
d) human capital

trade between countries
a) international trade
b) domestic trade
c) human trade
d) indian trade

rennovating factories and updating machinery
a) investment in capital goods
b) investment in human capital
c) investment in trade barrier
d) entrepreneurship

who is awesome
a) i am
b) you are
c) no one is
d) everybody

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