Economics Quiz

Based on customs and beliefs.

• Market

• Command

• Traditional

• Mixed

Government controls the economy

• Market

• Mixed

• Traditional

• Command

People are in control of the economy

• Mixed

• Market

• Traditional

• Command

Combination of government control and people controlling the economy

• Mixed

• Market

• Command

• Traditional

Economic Continuum

• Measures how close a country's economy is to market or command

• Measures how close a country's economy is to mixed or traditional

• Measures how close a country's economy is to democracy or communism

• Measures how close a country's government is to market or command

All countries have a mixed economy.

• True

• False

Bartering is trading with money. (Happens in traditional economies).

• True

• False

Countries participate in voluntary trade when they

• Buy from each other

• Steal from each other

• Borrow from each other

• Take loans from each other

Trade barrier that limits the amount that a country can import (buy).

• Quota

• Embargo

• Tariff

Trade barrier that taxes the goods/products that a country can import (buy).

• Quota

• Embargo

• Tariff