Economics Review #1

What is a quota?

• restricts or limits the amount of imported goods

• an economic punishment forced on a country for a political goal

• the percentage of people over the age of 15 who can read or write in a country

• to control or manage by rules and regulations

What is the function of OPEC?

• to get more oil from the ground to produce

• to stop the production of oil

• to help stop oil pollution

• to regulate the supply and price of oil

In the 70s OPEC put an embargo on the US, what happened to the gas price and supply in the US?

• The gas price went down, the supply went up

• The gas price went up, the supply went down

• The gas price stayed the same, the supply went up

• The gas price stayed the same, the supply went down

What is an embargo?

• limits the amount of imported goods

• a stop or halt of trade

• a tax on imported goods

• the availability of goods or services

This a type of economy based on producing products to survive and producing products in a way that their ancestors did.

• Command Economy

• Market Economy

• Traditional Economy

What is specialization?

• When a country focuses on one or two mass production of goods and services.

• When a country willingly trades with another country for a good or services.

• When countries are interdependent on one another

• When you take a country's currency and change/convert it to another country's currency.

What is currency exchange?

• When countries are interdependent on one another

• When you take a country's currency and change/convert it to another country's currency.

• When a country willingly trades with another country for a good or services.

• When a country focuses on one or two mass production of goods and services.

What is voluntary trade?

• When a country willingly trades with another country for a good or services

• When a country focuses on one or two mass production of goods and services.

• When countries are interdependent on one another

• When you take a country's currency and change/convert it to another country's currency

What is international trade?

• When you take a country's currency and change/convert it to another country's currency

• When countries are interdependent on one another

• When a country willingly trades with another country for a good or services

• When a country focuses on one or two mass production of goods and services.

What is supply?

• The consumers desire to buy a good or service.

• When a country focuses on one or two mass production of goods and services.

• limits the amount of imported goods

• The availability of a good or service.