- 1. This system is found in agricultural societies, people in this system produce what they need to survive.
A) Traditional Economy
B) Supply and Demand
C) Market Economy
D) Command Economy
- 2. The government controls what is produced and how it is produced in this type of economic system.
A) Traditional Economy
B) Command Economy
C) Supply and Demand
D) Market Economy
- 3. In this type of economic system, decisions are based on what people want to buy and sell. Supply and Demand determines what to produce and how to produce it.
A) Market Economy
B) Traditional Economy
C) Command Economy
D) Agricultural
- 4. What does agriculture mean?
A) the science or practice of farming, including cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products
B) building cultural awareness
C) building factories
D) learning about different cultures
- 5. Most countries of the world today are a mixed economy, which is a combination of what two types?
A) Market & Command
B) Traditional & Command
C) Market & Traditional
- 6. The money that is made in a business after all the costs and expenses are paid is known as _______.
A) profit
B) currency
C) competition
D) specialization
- 7. Rivalry among sellers trying to achieve goals such as increasing profits is known as ____________.
A) profit
B) specialization
C) currency
D) competition
- 8. The type of money a country uses is known as _____________.
A) profit
B) currency
C) tariff
D) competition
- 9. When a country choose to specialize on producing one particular thing the value of the what is given up is known as ____________________.
A) competition
B) opportunity cost
C) tariff
D) trade
- 10. A type of trade barrier that restricts the amount of a good that can be imported into a country.
A) quota
B) embargo
C) profit
D) tariff
- 11. A type of trade barrier that places taxes on goods that are imported.
A) embargo
B) tariff
C) quota
D) currency
- 12. A type of trade barrier that forbids trade with another county.
A) embargo
B) profit
C) quota
D) tariff
- 13. Nike and Under Armor are examples of two private companies that are in ______________.
A) specialization
B) competition
C) embargo
D) quota
- 14. Converting Pesos to Dollars is an example of ______________________.
A) system of exchanging currency
B) trade
C) tariff
D) quotas
- 15. If countries decided that they want to sell and produce their own goods rather than import them, they would use __________________ to allow that to happen.
A) agriculture
B) currency
C) profit
D) trade barriers
- 16. An i-phone costs $236 to make, but Apple charges $700 for you to buy it. What is the profit?
A) $464
B) $700
C) $228
D) $236
- 17. What three countries are members of the North American Trade Agreement (NAFTA)?
A) United States, Canada, and Mexico
B) France, Spain, and Italy
C) Brazil, Mexico, and El Salvador
D) China, United States, and Australia
- 18. How much one currency is worth in terms of another currency is known as the ____________________.
A) exchange rate
B) competition
C) embargo
D) profit
- 19. _________________ is an efficient way to work, the cost of items produced is lower and trade is increased.
A) Profits
B) Competition
C) Specialization
D) Currency
- 20. If you __________ in something, you are an expert at a certain skill.
A) agriculture
B) specialize
C) trade
D) profit
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