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SS7E1-3 Core Economic Concepts Test

SS7E1-3 Core Economic Concepts Test

Assessment

Flashcard

Geography

7th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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24 questions

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1.

FLASHCARD QUESTION

Front

Based on the description, Nigeria could BEST be categorized as a ___ economy.

Back

Mixed

2.

FLASHCARD QUESTION

Front

Which question is MOST LIKELY a fundamental economic question? Options: Who will pay the taxes?, Who will educate the workers?, Who will get the goods and services produced?, Who will do the work to produce the goods and services?

Back

Who will get the goods and services produced?

3.

FLASHCARD QUESTION

Front

In a command economy, how is it determined what goods and services will be produced?

Back

Central government planning decides what will be produced.

4.

FLASHCARD QUESTION

Front

Which statement BEST reflects the difference between tariffs and quotas? Options: Tariffs set limits on imports, while quotas raise prices on exports. Tariffs set limits on exports, while quotas raise prices on imports. Tariffs raise prices on exports, while quotas set limits on exports. Tariffs raise prices on imports, while quotas set limits on imports.

Back

Tariffs raise prices on imports, while quotas set limits on imports.

5.

FLASHCARD QUESTION

Front

Which of these is TRUE about specialization in an economy? Options: One nation will sell its specialty to others ONLY if they don't compete. Nations stop using products from other nations to support their own economies. Nations agree to work together as a team to make it easier for them to manufacture expensive items. One nation will focus resources on its specialty, forcing it to buy other products from other nations.

Back

One nation will focus resources on its specialty, forcing it to buy other products from other nations.

6.

FLASHCARD QUESTION

Front

An import quota is a

Back

legal limit on the amount of a good that can be imported into a country.

7.

FLASHCARD QUESTION

Front

Which example might cause trade to be limited between countries? Options: the lifting of an embargo, tariff reduction on imports, a quota on imports and exports, decreasing safety standards on exports

Back

a quota on imports and exports

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