Econ Topic 10 Quiz

Econ Topic 10 Quiz

12th Grade

24 Qs

quiz-placeholder

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Econ Topic 10 Quiz

Econ Topic 10 Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Michael Trupp

Used 1+ times

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24 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A good or service sent to another country for sale is called _______.

Export

Import

Tariff

Quota

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A good or service brought in from another country for sale is called _______.

Import

Export

Tariff

Quota

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ability to produce more of a given product based on resources available is called _______.

Absolute Advantage

Comparative Advantage

Opportunity Cost

Scarcity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ability to produce a product most efficiently is called _______.

Comparative Advantage

Absolute Disadvantage

Marginal Utility

Opportunity Cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The principle that a nation is better off when it produces goods when it has a comparative advantage is called the _______.

Law of Comparative Advantage

Law of Absolute Advantage

Law of Supply and Demand

Law of Diminishing Returns

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The shared need of countries for resources, goods, services, and labor is called _______.

Interdependence

Isolationism

Autarky

Sovereignty

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A way of preventing a foreign product from entering a nation’s territory is called a _______.

Trade Barrier

Export Subsidy

Free Trade Agreement

Import License

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