Economic Test

If Saudi Arabia’s government puts a limit on how much Israeli Dead Sea salt it will import this year, what trade barrier is this?

• Embargo

• Tariff

• Quota

• Opportunity Cost

A person who takes risks by starting a new business is known as a(n):

• International trader

• Economist

• Entrepreneur

• Dictator

The word economy is best related to:

• money

• government

• natural resources

• countries

Which of the following is a combination of two or more of the other types of economies?

• traditional

• mixed

• market

• command

Which of the following do people NOT do in a traditional economy:

• hunt

• gather food

• farm

• use money

Which of these economies has no government involvement:

• market

• mixed

• traditional

• command

True or False: in a command economy, the government tells you what to do with your money.

• true

• false

Items that exit your country when you sell them are...

• imports

• exports

Which economy does Germany have (similar to the United States)?

• mixed-command

• mixed-market

• traditional

True or False: In a market economy, you can buy and sell whatever you want.

• True

• False