How are the economic questions answered in a Traditional Economy?

• An economy based on custom and tradition.

• An economy that relies on government officials.

• Individuals answer the three basic economic questions.

How are the economic questions answered in a Command Economy?

• An economy based on custom and tradition.

• An economy that relies on government officials.

• Individuals answer the three basic economic questions.

How are the economic questions answered in a Market Economy?

• An economy based on custom and tradition.

• An economy that relies on government officials.

• Individuals answer the three basic economic questions.

Why do all countries have a mixed economic system located on a continuum between pure market and command economies?

• A mixed economy is a mix of traditional customs and central planning. Many countries utilize this type of economic system since it gives a reminder of our past to their economy. This gives a boost to (SOL.)

• A mixed economy is a mix of free-market and central planning. Many countries utilize this type of economic system since it gives a balance to their economy. This gives a boost to (SOL.)

• A mixed economy is a mix of free-market and central planning. Many countries utilize this type of economic system since it gives a balance to their economy. This decreases (SOL.)

What is an Embargo?

• An embargo is a tax imposed by a government of a country or of a supranational union on imports or exports of goods. It's also known to be a source of income or revenue for the government to benefit our economy and raise our GDP and (SOL.)

• An embargo is a government order that restricts commerce with a specified country or the exchange of specific goods. Or in other words, a ban on trade.

• An embargo is a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period.

What is a Quota?

• A quota is a tax imposed by a government of a country or of a supranational union on imports or exports of goods. It's also known to be a source of income or revenue for the government to benefit our economy and raise our GDP and (SOL.)

• According to the question above, a quota is known to be a government order that restricts commerce with a specified country or the exchange of specific goods. Or in other words, a ban on trade.

• A quota is a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period.

What is a Tariff?

• A tariff is a tax imposed by a government of a country or of a supranational union on imports or exports of goods. It's also known to be a source of income or revenue for the government to benefit our economy and raise our GDP and (SOL.)

• According to the question above, a tariff is known to be a government order that restricts commerce with a specified country or the exchange of specific goods. Or in other words, a ban on trade.

• A tariff is a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period.

What trade barrier could a government use to help keep local industry jobs and keep product prices high?

• Embargo

• Tariff

• Quota

In the 1980s, several countries, including the United States, imposed trade embargoes against South Africa because of...

• The Africans bombed Pearl Harbor causing conflict between South Africa and the U.S. and tensions continued until the U.S. decided to place an embargo on South Africa.

• To force South Africa into economic isolation and catalyze a popular movement toward overthrowing the Castro government. It is the longest-enduring trade embargo in history.

• The mounting frustration with the persistence of apartheid, coupled with South Africa’s apparent economic vulnerability, prompted a round of multilateral economic sanctions.

How does Nigeria's economy differ from South Africa?

• Nigeria specializes more in oil.

• Nigeria specializes more in gold.

• South Africa specializes more in gold.

• South Africa specializes more in oil.