Economics Pretest

If the United States stops all trade with Saudi Arabia, this is an example of a?

SS6E2

• Tariff

• Quota

• Embargo

• Command Economy

Would you want the GDP of your country to be HIGH or LOW?

SS6E3

• High

• Low

A medium of exchange used to buy and sell resources, goods, or services is...

• Supply & demand
• Capital Goods
• Currency
• currency exchange

Which question is NOT one basic question of economics?

• What goods/services will be produced?
• Who will consume the  goods/services?
• What goods/services are available?
• How will the goods/services be produced?

If the United States places a tax on imported or exported goods, this is an example of?

SS6E2

• Tariff

• Quota

• Embargo

• Command Economy

A tariff....

SS6E2

• Encourages people to buy goods made from their country.

• Increases trade between other countries.

• Stops trade completely.

• Only placed to encourage democracy.

The value of the output of all goods and services produced within a country in a year. SS6E3

• total ouput

• Gross Domestic Product

• national income

• net domestic product

Which type of economy has the government control all of what to produce, companies, and goods?

SS6E4

• Traditional

• Autocracy

• Mixed

• Command

Goods and services are those produced in one's home country.

SS6E6

• Domestic Goods

• Gross Domestic Product

• Increase

• Export

When Sarah buys new chairs and laptops for her staff, she is investing in......

SS6E6

• Human capital

• Capital goods

• Her business