Economics Test Review

________ is the amount of domestic currency compared to an equivalent amount of foreign currency.

• The Euro

• The US Dollar

• The Yen

• Exchange Rate

_______________ is a single currency shared by many countries that belong to the European Union.

• The Yen

• The Peso

• The Euro

• The US Dollar

______________is the total value of all goods and services produced in a country in one year.

• Gross Domestic Product

• Exchange Rate

• Trading

• Imports

When a country depends on another country to produce a product that they can’t produce efficiently themselves the two countries are___________?

• Intradependent

• Interdependent

• Overlydependent

• Specialized

____________is a method of production where a country focuses on the production of a limited scope of products in order to be more efficient.

• Imports

• Gross Domestic Product

• Specialization

• Exchange Rate

________________ is an economic system in which the government decides how resources are used and what goods and services are being produced.

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

_________________is an economic system in which individuals make the decisions about how resources are used and what goods and services to provide.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

___________________ is an economic system in which there is some government control, but producers and consumers also have a say in how the economy runs.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

A _________ is a tax added to the price of an imported good.

• Treaty

• Embargo

• Tariff

• Sanction

A _____________ a penalty placed on another country.

• Treaty

• Tariff

• Sanction

• Embargo