Econ quiz

Which type of economy has the government control what is produced?

• Market

• Command

• Mixed

• Traditional

Which type of economy will have entrepreneurs but give them laws they must follow?

• Market

• Command

• Mixed

• Traditional

Which trade barrier adds a tax to imports?

• Embargo

• Quota

• Sanction

• Tariff

What type of trade barrier stops trade completely?

• Embargo

• Quota

• Sanction

• Tariff

What does literacy rate measure?

• Products made in a country

• People who have a job

• People who can read and write

• People who do not have a job

Which is an example of a capital good?

• Training

• Natural resources

• Factories

• Workers

When we are measuring how well people are living in a country, we are measuring________

• GDP

• Standard of living

• Literacy rate

• Currency

If an individual is inventing something to sell they are what?

• Entrepreneur

• Employee

• A politician

• A scientist

Which of the following would be an example of human capital?

• On-the-job training

• Saws and hammers

• Currency

• Natural resources

The development of a specific skill would be _________

• Capital goods

• Specialization

• Literacy rate

• Entrepreneurship