3rd Clarkson - Economics Final Exam

Last Name

First Name

Period

• 2
• 3
• 5
• 6

1. Another word for money is _____________?

• Barter
• Currency

2. The treaty to eliminate all trade barriers between Canada, Mexico and the United States is __________________?

• APEX
• NAFTA

3. A nation’s ability to produce a good at a lower cost than another person or nation is an ________________________.

• Absolute Advantage
• Exchange Rate

4. Where buyers and sellers exchange goods and services:

• market
• forum

5. A person who purchases a good or service is called a:

• consumer
• producer

6. The vast majority of the world's economies are mixed - they are market based economies with some extent of government involvement.

• True
• False

7. A need can be described as:

• something you would like to have.
• Something you require to LIVE.