Government and Economy vocabulary terms

Government and Economy vocabulary terms

7th Grade

20 Qs

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Government and Economy vocabulary terms

Government and Economy vocabulary terms

Assessment

Quiz

Social Studies

7th Grade

Practice Problem

Easy

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Which type of economic system is people making and growing their own food?

Market

Command

Traditional

Mixed

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A trade barrier in which one country announces that it will no longer trade with another country in order to isolate and cause problems with that country's economy; a ban on trade.

embargo

tariff

quota

subsidy

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is specialization?

a country's main focus when producing an export

the process of diversifying production to reduce risk

a method of increasing competition in the market

the ability to produce goods at a lower cost than others

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What is a market economy?

A system where the government controls all businesses

A system with little government regulation allowing citizens to own their own business

A type of economy where prices are set by the government

An economy that relies solely on barter and trade

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The knowledge and skills that make it possible for workers to earn a living producing goods and services; the value a person brings to the workplace.

human capital

social capital

financial capital

natural capital

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a command economy, who usually owns the farms and factories?

The government

Private individuals

Cooperatives

Foreign investors

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

___________ is government power where a select few individuals are in control.

Democracy

Oligarchy

Monarchy

Theocracy

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