WorksheetsPS 3 - The International Economy
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
Which of the following questions is NOT one of the three basic economic questions?
a)
What goods and services should be produced?
b)
How should the goods and services be produced?
c)
Why should the goods and services be produced?
d)
Who receives and consumes these goods and services?
2.
People will produce products and services based on traditions. What they need they use and trade (barter) for things they can not create.
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
3.
Ran purely on the principles of supply & demand.
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
4.
Large part of the economic system is controlled by a centralized power.
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
5.
A combination of economic systems
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
6.
How does a command economy answer the three basic economic questions?
a)
The government makes decision
b)
The producers and consumers makes decisions
c)
People make decisions based on tradition
d)
The producers make decisions with limited government regulation
7.
How does a market economy answer the three basic economic questions?
a)
The government makes decision
b)
The producers and consumers makes decisions
c)
People make decisions based on tradition
d)
The producers make decisions with limited government regulation
8.
How does a traditional / barter economy answer the three basic economic questions?
a)
The government makes decision
b)
The producers and consumers makes decisions
c)
People make decisions based on tradition
d)
The producers make decisions with limited government regulation
9.
How does a mixed economy answer the three basic economic questions?
a)
The government makes decision
b)
The producers and consumers makes decisions
c)
People make decisions based on tradition
d)
The producers make decisions with limited government regulation
10.
A nation has this type of advantage when it can produce a good at a lower cost than another nation
a)
Absolute Advantage
b)
Comparative Advantage
c)
Complete Advantage
d)
Controlling Advantage
11.
A nation has this type advantage when it can produce a good at a lower opportunity cost than another person or nation.
a)
Absolute Advantage
b)
Comparative Advantage
c)
Complete Advantage
d)
Controlling Advantage
12.
Trade Policies:
A limited quantity of a particular product that under official controls can be produced, exported, or imported
A limited quantity of a particular product that under official controls can be produced, exported, or imported
a)
Tariff
b)
Quotas
c)
Product Standards
d)
Subsidies
13.
Trade Policies:
A tax or duty to be paid on a particular class of imports or exports
A tax or duty to be paid on a particular class of imports or exports
a)
Tariff
b)
Quotas
c)
Product Standards
d)
Subsidies
14.
Trade Policies:
A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction
A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction
a)
Tariff
b)
Quotas
c)
Product Standards
d)
Subsidies
15.
Trade Policies:
A minimum acceptable benchmark.
A minimum acceptable benchmark.
a)
Tariff
b)
Quotas
c)
Product Standards
d)
Subsidies
100 %
