Economics Review

A product of the earth that people use to meet their needs is a...

• good

• natural resources

• free enterprise

• service

The number limit on how many items of a particular product can be imported from a particular country is the

• demand

• quota

• supply

• tariff

The economic system of communist countries is most closely related to which of the following:

• command economy

• market economy

• traditional economy

• mixed economy

Which of the following is NOT one of the basic questions that all economic systems must answer:

• What to produce?

• How to produce?

• How much to produce?

• For whom to produce?

A market economy is very different from a command economic system or a traditional system. Which of the following is found in a market economy?

• Free labor

• competition between businesses

• government control of industry

• government control of agriculture

In a command economy, economic decisions are made by the

• consumers

• market

• government

• producers

Which is an example of human capital?

• education

• roads

• factories

• machinery

Who owns the resources in a command economy?

• the government

• no one

• individuals

• private businesses

How are goods and services exchanged in a traditional economy?

• through prices and wages

• through government regulation

• through bartering

• through shortages and surpluses

Which trade barrier sets up a complete ban on trading between countries?

• mountain

• tariff

• quota

• embargo