BMS Economy

What is scarcity?

• When there is a small amount of something available.
• A large amount of an item available.
• Scary things that happen in the economy.
• This is not part of an economy.

Trade barriers ___________________ trade between separate countries.

• limit or prevent
• help and increase
• encourage
• forever stop

What type of economy is this describing? The government controls the economy.

• command
• market
• traditional

What type of economy is this describing? Decisions are based on what is needed to survive.

• Command
• Market
• Traditional

What type of economy is this describing? People can choose what they want to buy, sell or make.

• command
• market
• traditional

What type of trade barrier is this describing? A tax placed on pineapples imported from Costa Rica.

• quota
• tariff
• embargo

What type of trade barrier is this describing? Only 25,000 cars are allowed to be imported from Japan.

• quota
• tariff
• embargo

What type of trade barrier is this describing? Trade with Cuba was completely stopped.

• quota
• tariff
• embargo

What type of economy does almost every country in the world have?

• command
• traditional
• market
• mixed

Choose the reasons that a country might enforce an embargo on another?

• They are at war with each other.
• To encourage people to buy from their own country.

• To change the other country’s mind about what it is doing.

• To keep dangerous items, like weapons, from reaching the other country