Economic Vocabulary Quiz

Which type of economy is based on customs and habits of the past?

• Traditional economy

• Command economy

• Market economy

• Mixed economy

In which type of economy are most economic decisions made by government planning groups?

• Traditional economy

• Command economy

• Market economy

• Mixed economy

In which type of economy are economic decisions made by individuals based on supply and demand?

• Traditional economy

• Command economy

• Market economy

• Mixed economy

What are the products a country makes best and that are in demand on the world market called?

• Specialization

• Trade barriers

• Tariffs

• Quotas

Which type of economy has characteristics of both market and command economic systems?

• Traditional economy

• Command economy

• Market economy

• Mixed economy

Those products a country makes best and that are in demand on the world market.

• Specialize

• Trade barriers

• Tariffs

• Quotas

What is anything that slows down or prevents one country from exchanging goods with another called?

• Specialization

• Trade barriers

• Tariffs

• Quotas

What is a tax placed on goods when they are imported into one country from another country called?

• Specialization

• Trade barriers

• Tariffs

• Quotas

What is a way of limiting the amount of foreign goods that can come into a country called?

• Specialization

• Trade barriers

• Tariffs

• Quotas

What is a system in which goods and services are exchanged instead of using cash as a payment in a traditional economy called?

• Bartering

• Embargo

• Currency

• Export