Unit 6 Review: Question Preview (ID: 7759)

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Which type of economic system is based on customs and beliefs?
a) a mixed economy
b) a traditional economy
c) a command economy
d) a market economy

Which type of trade barrier describes a tax placed on imports?
a) a subsidy
b) a quota
c) a tariff
d) an embargo

Who answers all economic questions in a command economy?
a) the government
b) individual citizens
c) religious leaders
d) the government and individual citizens

Why is it important to have a system to convert from one currency to another?
a) The dollar is the most valuable currency in the world today.
b) The conversion to different currencies makes goods cost less.
c) Converting currency makes it possible to buy and sell goods between nations with different types
d) The banks are not able to handle different kinds of currencies.

Which S+E Asian nation has the most economic freedoms for its people?
a) North Korea
b) India
c) China
d) Japan

Why does China have more of a command economy than Japan?
a) In China, the government makes more business decisions.
b) In China, religious authorities mainly determine what goods are produced.
c) In China, individual citizens make more business decisions.
d) In China, tradition mainly determines what goods are produced.

How does specialization assist the economies of all countries?
a) It restricts trade between countries.
b) It does not affect trade between countries.
c) It motivates countries to migrate closer to command economies.
d) It encourages trade between countries.

Japan has limited its imports from China. This is an example of a(n):
a) embargo
b) quota
c) tariff
d) subsidy

Who makes all economic decisions in a market economy?
a) religious authorities
b) the government
c) individual citizens
d) the country's legislature

What are capital goods?
a) the factories, machinery, and technology used to make other goods
b) all goods produced in major cities
c) the money spent to train and educate workers
d) tax money used to pay for improving a country's infrastructure

The U.S. has limited its trade with North Korea since the end of the Korean War. This is an example of:
a) an embargo
b) a tariff
c) a quota
d) a subsidy

Which type of economy is based on customs and beliefs?
a) a traditional economy
b) a mixed economy
c) a command economy
d) a market economy

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