Business and Trade Quiz

What is the capacity of private citizens to create new businesses independent of government direction called?

• Free enterprise

• Entrepreneurship

• Trade barriers

• Embargo

What is the estimated total value of all final goods and services produced in a nation in a year called?

• Tariff

• Embargo

• Gross Domestic Product

• Free enterprise

What are trade barriers?

• Taxes on goods

• Official bans on trade

• Anything that slows down or prevents trade between countries

• Common currency

What is a tax placed on goods coming into a country to protect domestic industry called?

• Embargo

• Tariff

• Euro

• Free enterprise

What is the goal of an embargo?

• To increase trade

• To protect domestic industry

• To punish another country by suspending trade

• To create new businesses

What is the common currency of most European Union member states?

• Dollar

• Pound

• Euro

• Yen

Which of the following is NOT a trade barrier?

• Tariff

• Embargo

• Free enterprise

• Quota

Which term refers to the common currency used by most European Union countries?

• Dollar

• Euro

• Franc

• Peso

Which of the following is an example of a trade barrier?

• Euro

• Embargo

• Entrepreneurship

• Free enterprise

What is the main goal of entrepreneurship?

• To create new businesses

• To establish trade barriers

• To impose tariffs

• To use a common currency