Economics Unit Test

The act of trading in one’s country’s money for another country’s money.

• scarcity

• natural resources

• currency exchange

• specialization

This measurement tells the total value of the goods and services that a country produces each year

• traditional economy

• Gross Domestic Product (GDP)

• mixed economy

• quotas

An economic system in which social roles and cultural determine how goods and services are made, sold, and bought

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Raw materials that are used to support life and make goods

• Capital Resources

• Human Resources

• Entrepreneur

• Natural Resources

A type of trade barrier in which a government places restrictions on the quantity of goods coming into a country

• tariff

• quota

• embargo

• subsidy

An act of concentrating on a limited number of good or activities so your country does it well

• specialization

• scarcity

• capital resources

• human resources

An economic system that has features of either traditional, command and market systems

• market economy

• command economy

• traditional economy

• mixed economy

A word economists use to describe the conflict between people’s desires and limited resources

• specializtion

• scarcity

• investment

• Gross Domestic Product (GDP)

What type of economic system does supply and demand determine price?

• Traditional

• Command

• Mixed

• Market

Local farmers in Russia want to sell more domestically grown food to their citizens and impose a tax on foreign foods imported into their country to protect local farmers. This is an example of what type of trade barrier?

• Trade Barriers

• Tariff

• Quota

• Embargo