Economics Vocabulary Quiz #2

The resources required to make a product (good or service)

• economics
• consumption
• four factors of production
• scarcity

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

The exchange of goods and services

• trade
• market
• economics
• consumer

Russia is best at producing and trading oil; Germany exports cars. What is this concept called?

• Specialization

• Tariff

• Embargo

• Quota

What is a tariff?

• Tax on imported goods

• To stop trading with a business or country

• A limit on imported goods

A quota is a limit on an imported good. Which is an example of a quota helping local farmers?

• Taxing corn from another country.

• Allowing less corn to be bought from other countries' farms.

• To stop buying corn from another country

What is an embargo?

• A tax placed on imports.

• A limit placed on imports.

• A government blocks all trade with another country.

• A government focuses on products that can be produced most efficiently.

What is a quota?

• A tax placed on imports during a given time.

• A limit placed on imports during a given time.

• A government order to stop all trade.

• A focuses on products that can be produced most efficiently.

A trade barrier is meant to

• encourage the flow of goods & services between countries

• slow or block the flow of goods & services between countries

• make people obey the government

• require the flow of goods & services between countries

Purpose: To make imported goods more expensive

• Quota
• Tariff
• Embargo