Economics Quiz

Multiple Choice

______________________________  is the total amount of the goods and services produced by a country’s economy during a specific year.

• Economics

• GDP

• Specialization

• Foreign Exchange

Multiple Choice

______________________________ Forbid trade with another country.

• Tariff

• Embargo

• Quota

• Scarcity

Multiple Choice

______________________________ Factories, machinery, and technology (stuff).

• Capital

• Human Capital

• Entrepreneurship

• Market

Multiple Choice

______________________________  - in this economic system, supply and demand for a good or service determines what to produce and how to produce it.

• Mixed

• Market

• Command

• Traditional

Multiple Choice

______________________________ - Most countries today have this economic system that falls somewhere in between pure market and pure command.

• Traditional

• Command

• Market

• Mixed

Multiple Choice

______________________________ Which economic system would be the worst or competition between producers?

• Market

• Command

• Traditional

• Mixed

Multiple Choice

______________________________Producers will make their product in the way that costs them the least amount of money so they can make a ?????

• Profit

• Scarcity

• Money

• Deficit

Multiple Choice

_____________________________ happens when both parties expect to gain from the trade. Both parties agree to trade with one another.

• Involuntary Trade

• Voluntary Trade

• GDP

• Foreign Exchange

Multiple Choice

______________________________ Taxes placed on imported goods.

• Quota

• Tariff

• Embargo

• Interest

Multiple Choice

______________________________ The ideas and risk involved in starting a business.

• Market

• Human Capital

• Entrepreneurship

• Profit

Multiple Choice

______________________________ People who perform the labor.

• Natural Resources

• Human Capital

• Capital

• Entrepreneurship

Multiple Choice

______________________________ Raw materials from the land.

• Natural Resources

• Capital

• Human Capital

• Entrepreneurship