Intro to SS Retake

A limit on trade is called a ______.

• Quota

• Tariff

• Embargo

• Subsidy

A tax on trade is called a ______.

• Tariff

• Subsidy

• Quota

• Embargo

A ban on trade is called an ______.

• Embargo

• Tariff

• Quota

• Subsidy

Country B makes goods and services it can produce efficiently and trades for the ones it cannot. Country B is practicing what economic concept?

• Specialization
• Tariff

• Quota

• Embargo

If Country A invests in on-the-job training and college education for its citizens, it has essentially invested in ______.

• Human Capital

• Physical Capital

• Natural Resources

• Technological Innovation

Country X has a LOWER GDP per capita than Country Y. We can probably assume that country X has a ______ standard of living.

• lower
• higher

• same

• nonexistent

The total market value ($) of goods and services produced by a country in one year divided by the number of people is called ______.

• GDP per capita

• Gross Domestic Product

• Net National Product

• Consumer Price Index

The total market value ($) of goods and services produced by a country in one year is called ______.

• GDP

• Net National Product

• Gross National Income

• Consumer Price Index

Which kind of economy has bartering and people following the ways of their ancestors?

• Traditional
• Mixed

• Market

• Command

Josey lives in a country where she has the ability to own her own business. Both the government and supply and demand influence goods and services. What kind of economy does she live in?

• Mixed
• Market

• Traditional

• Command