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WorksheetsEconomic Understanding Quiz 1
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
The most common economic system today is:
a)
Command
b)
Market
c)
Mixed
d)
Traditional
2.
This economic system has government controlling what is produced and how it is produced.
a)
Command
b)
Market
c)
Mixed
d)
Traditional
3.
In which economic system does the supply and demand determine what is sold and how much it will cost.
a)
Command
b)
Market
c)
Mixed
d)
Traditional
4.
People make what they need to survive and the exchanging of goods and services do not require money:
a)
Command
b)
Market
c)
Mixed
d)
Traditional
5.
What are the 3 basic economic questions all economic systems must answer?
a)
when to, why to, and how long to produce
b)
to what extent, how much, why to produce
c)
what to, how to, and for whom to produce the goods
d)
what to, why to, and how much to produce
6.
What is trade?
a)
voluntary exchange of goods and services among people and countries
b)
involuntary exchange of goods and services
c)
goods and services
d)
goods and services for people only
7.
What is a trade barrier?
a)
When a trade is stopped by a country
b)
The limitation of trade with other countries by a country
c)
Unlimited trade with other countries
d)
No trade with other countries
8.
What are the three types of trade barriers?
a)
Tariff, Trade, No limits
b)
Trade, Quota, Limits
c)
Tariff, Quota, Embargo
d)
Trade, Tariff, Embargo
9.
A tariff is:
a)
A tax on any item
b)
A trade on exports and imports
c)
A charge on exports
d)
A tax on imports
10.
A Quota is:
a)
A limit placed on the exports
b)
No limit on imports that may enter a country
c)
A limit placed on the number of imports that may enter a country
d)
No limit on exports
11.
A government order stopping trade with another country (usually for political difference) is:
a)
Embargo
b)
Quota
c)
Tariff
d)
Trade
12.
The European Union EU has no tariff between countries because it is:
a)
a no trade zone
b)
a free-trade zone
c)
a free tariff zone
d)
a no tariff zone
13.
Currency is defined as:
a)
is not important in the European Union
b)
is used to enhance trade
c)
is traded freely
d)
the money people use to make trade easier
14.
The currency that more than half of the countries in the European Union use is:
a)
the Euro
b)
the Dollar
c)
the Peso
d)
the Frank
15.
The ______ makes trade less expensive because people don't have to pay banks a fee to exchange their currency
a)
Dollar
b)
Frank
c)
Euro
d)
Peso
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