Basics Of Economics: Question Preview (ID: 8494)

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

In some countries, it is easy to start a business. What impact does this have on the role of entrepreneurs?
a) Entrepreneurs can make significant contributions to economies.
b) Entrepreneurs are not affected.
c) Entrepreneurs will have no real impact on economies.
d) The efforts of entrepreneurs are limited because of a lack of government rules.

What are capital goods?
a) the money spent to train workers to use new technology
b) the workers who make the goods and services
c) the goods and services that are produced for a country’s economy
d) the factories, machinery, and technology used to make goods

Which type of trade barrier is a limit on trade?
a) tariff
b) quota
c) embargo
d) subsidy

What is a tariff?
a) a limit on trade with other countries
b) a limit on imports from other nations
c) the refusal to cooperate with other countries in a specific region
d) a tax placed on imports

If a country does not invest in its human capital, how can it affect the country’s GDP?
a) Most workers want to keep their jobs and do not care about GDP.
b) Investment in human capital has little effect on a country’s GDP.
c) GDP is only affected if workers pay for the investment out of their own pockets.
d) GDP may not rapidly increase because poorly trained workers will not be able to do their jobs as well.

Who chooses how to produce in a market economy?
a) the government
b) religious leaders
c) individual citizens
d) national legislatures

A mixed economy is:
a) a mixture of private and government-owned businesses
b) businesses controlled by European investors
c) mainly government-owned businesses
d) the economy is based on customs and beliefs

Which of these must be present for international trade to be successful?
a) a system for imposing protective tariffs
b) a system for securing borders
c) a system for exchanging currencies
d) a system for raising taxes

Who makes all economic decisions in a command economy?
a) the government
b) individual citizens
c) religious leaders
d) national legislatures

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