Economic Review

Which economy type is controlled by the government?

• command

• market

• traditional

Consumers buy products, which greatly influences this type of economy__________.

• mixed

• market

• command

A tribe living in a village and bartering for goods they need are an example of ___________

• mixed economy

• traditional economy

• command economy

GDP (gross domestic product) is _______________.

• the total of all restaurants in a town

• total waste for a year

• the total of all goods and services in a country in a year

T/F: Productivity is when a country produces things faster and cheaper.

• false

• true

*Government owns the factors of production

*Government answers the question of who, what and how to produce

*Government eliminates choice and competition

What type of economic system is described above?

• Command

• Mixed

• Market

• Traditional

Which is NOT a basic economic question faced by an economy?

• What to produce?

• How to produce?

• How much profit will be made?

• For whom to produce?

A tariff is a form of taxation on foreign products, while a quota is a ______ on imports from foreign countries.

• Limit

• Ban

• Tax

• Boost

Which trade barrier prevents trade from occurring?

• Tafiff

• Quota

• Embargo

• All of them

Which of the following are natural resources?

• Education & Heathcare

• Highways & Factories

• Machines & Equipment

• Oil & Natural Gas