Economy Review

Which economy type is controlled by the government?

• command

• market

• traditional

Consumers buy products, which greatly influences this type of economy__________.

• mixed

• market

• command

An indian tribe living in a village and bartering for goods they need are an example of ______________.

• mixed economy

• traditional economy

• command economy

GDP (gross domestic product) is _______________.

• the total of all restaurants in a town

• total waste for a year

• the total of all goods and services in a country in a year

Which trade barrier is a tax on imports?

• tariff

• quota

• embargo

Which trade barrier limits imports?

• quota

• tariff

What does it mean to have a ban and stop all trade?

• tariff

• embargo

• quota

T/F: Exchange rate is when we match the types of money for countries who are trading in the world.

• true

• false

What is the name of a business owner who provides jobs for people?

• operator

• entrepreneur

______________is when people receive an education and training.

• Human Capital

• Capital goods

• natural resources