Economics Practice

Tax on imported goods is ___________

• a tariff
• a quota
• an embargo
• the reason we can't have nice things

A limit on imported goods is  _____________________ 

• a tariff
• a quota
• an embargo
• a lemonade stand

When we completely stop trading with another country, it's called ____________________

• a tariff
• a quota
• an embargo
• a hissy fit

In 1962, the United States prohibited (stop) all imports and exports to and from Cuba.  This is an example of a(n) _______.

• Tariff
• Embargo
• Quota
• Entrepreneur

In 2010, China announced that it would impose an import tax on American poultry of up 105.4 percent. This is an 

• Tariff
• Embargo
• Quota

In 2010, Mexico imposed a limit of 250,000 tons of sugar that could be imported into Mexico.

• Tariff
• Quota
• Embargo

Government policies that restrict or stop the flow of goods and services among countries.

• Trade
• Shortage
• Trade Barrier
• Scarcity

Why would a country impose a tariff or quota on imported goods?

• to raise the price of imported goods and encourage people to buy local
• to raise the price of imported goods to help other countries make more money
• to be mean
• to help the country of the imported goods make a larger profit

In a command economy, who holds power over the economy?

• The people
• The government 
• Beyonce
• The traditions of your ancesetors 

Which of the following is an economic system in which the government and individuals are used to decide how to use scarce resources?

• Market economy
• Command economy
• Traditional economy
• Mixed economy