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Basic Economic Terms

Authored by Regina Robinson

Social Studies

6th - 7th Grade

Used 55+ times

Basic Economic Terms
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14 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

How are economic decisions made in a traditional economy

Customs and habits

Trial and Error

Government Groups

Consumers and producers

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

How are economic decisions made in a command economy?

Customs and Habits

Government Planning groups

Trial and Error

Consumers and producers

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

How are economic decisions made in a market economy?

Trial and Error

Customs and Habits

Government Planning Groups

Producers and Consumers

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

This term refers to the amount of goods and services sold in a country.

Quota

GDP

ANC

Exchange rate

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A voluntary exchange of good and services among people and countries.

Trade

Tariff

Exchange rate

GDP

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A specific limit placed on the number of imports that may enter a country.

Tariff

Tax

Quota

embargo

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following explains an embargo?

A tax on imports

A limit on imports

To stop trade

To increase trade

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