Economics Government

According to the economic continuum, which countries have WAY more government control in their economy?

• North Korea

• China

• Hong Kong

• United States

In my country, the government decides when we should expand old factories and build new ones.

• Traditional

• Command

• Market

• Mixed

In my country, the government makes all the economic decisions.

• Traditional

• Command

• Market

• Mixed

A tariff is

• a specific number of imports allowed.

• a cash grant or loan from the government to support the business.

• an official ban on trade.

• a tax on imports.

A major difference between a limited government and an unlimited government is

• In a limited government, everyone, including the leader, must obey the laws.

• In a limited government, the people in charge have unlimited power.

• In an unlimited government, the people have control over the government.

• In an unlimited government, the people elect the rulers.

Which is an example of a quota?

• The U.S. stops trade with China.

• The U.S. limits the amount of foreign cars brought into our country.

• The U.S. pays a high tax on BMW cars brought into the country.

Choose an example of an embargo

• The U.S. government stops all trade with China.

• Canada and the U.S. have no restrictions on trade.

According to the economic continuum, which countries have WAY more freedom in their economy?

• North Korea

• China

• Hong Kong

• United States

• Canada

The value of all the goods and services that a country produces in a year.

• Gross Domestic Product (GDP)

• Factors of Production (FOP)

• Free-Market Economy (FME)

A quota is

• an official ban on trade.

• a limit on or a specific number of imports allowed.

• a law that promotes safety.

• a tax on imports.