Economics

A product of the earth ("gift of nature") that people use to meet their needs is a:

• service

• free enterprise

• good

• natural resource

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

• supply

• tariff

• quota

• demand

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

• market economy

• mixed economy

• traditional economy

• command economy

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

• What to produce?

• For whom to produce?

• How to produce?

• How much 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?

• government control agriculture

• free labor

• competition between businesses

• government control of industry

In a command economy, economic decisions are made by

• producers

• consumers

• government

• market

Which is an example of human capital?

• roads

• machinery

• factories

• education

Who owns the resources in a command economy?

• private businesses

• no one

• the government

• individuals

How are the goods and services exchanged in a traditional economy?

• through prices and wages

• through bartering

• through government regulation

• through shortages and surpluses

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

• tariff

• mountain

• quota

• embargo