Economics Terms review

Which economic system is based on trading and bartering and doesn't use cash?

• Traditional

• Command

• Market

• Mixed

In which economic system are the production decisions made by government planners?

• Traditional

• Command

• Market

• Mixed

In which economic system do consumers have the least amount of choices?

• Traditional

• Command

• Market

• Mixed

In which economic system are decisions made by producers and consumers?

• Traditional

• Command

• Market

• Mixed

In which economic system do consumers have the most choices?

• Traditional

• Command

• Market

• Mixed

Which economic system is a blend of both command and market systems?

• Traditional

• Command

• Market

• Mixed

What is a country's "specialization?"

• What it does best.

• What it makes the least of.

• What it imports to other countries.

• What it purchases from other countries.

What is a trade barrier?

• Anything that speeds up trade

• Anything that makes it easier to trade

• Anything that slows or stops trade

• Anything that boosts trade

What is a tariff?

• A tax on foreign goods.

• A limit on foreign goods.

• When two countries refuse to trade.

• When two countries trade exclusively.

What is a quota?

• A tax on foreign goods.

• A limit on foreign goods.

• When two countries refuse to trade.

• When two countries trade exclusively.