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WorksheetsEconomics Terms, E.1-E.3
Total questions: 25
Worksheet time: 15mins
Name
Class
Date
1.
A tariff is when a _______ is put on an imported good...
a)
Tax
b)
Limit
c)
Block
d)
Quota
2.
A block or restriction on trade with another country is called...
a)
Tariff
b)
Embargo
c)
Quota
3.
A country might place a limit or __________ on another country to weaken their economy.
a)
Embargo
b)
Tariff
c)
Quota
d)
Free-Trade
4.
Free trade means what?
a)
the countries use the same currency
b)
No trade barriers
c)
there is a quota on some goods
d)
trade is quick and easy
5.
When one company or country depends on or relies on another, this is called?
a)
Import
b)
Specialization
c)
Interdependent
d)
Export
6.
A focus on developing only certain skills or producing only certain goods/services that they do best; this is called what?
a)
Imports
b)
Exports
c)
Specialization
d)
Globalization
7.
A term for a unit of money is called what?
a)
credit cards
b)
taxes
c)
tariff
d)
currency
8.
The currency used by people in Europe is called the EU while we used the American dollar. What is it called when currency must be changed from one form to another?
a)
currency exchange
b)
free-trade
c)
specialization
d)
trade barrier
9.
What type of economic system allows government AND private businesses to make economic decisions?
a)
Market
b)
Mixed
c)
Traditional
d)
command
10.
What is a Traditional Economy?
a)
Traditional economy is an original economic system in which traditions, customs, and beliefs help shape the goods and the services
b)
Traditional economy is an economic system in which the government answers all questions related to the providing of all goods and services.
c)
Traditional economy is an economic system in which the consumers and producers answer all questions related to the providing of all goods and services based on the laws of supply and demand.
d)
Traditional economy is an economic system in which you make it up as you go along.
11.
How would a free market economy be described?
a)
An economy in which decisions are made by the government.
b)
The international exchange of goods.
c)
An economy based on supply and demand with little or no government control
d)
An economy that is communist
12.
What type of Economy is based on 'old fashioned ways' or farming?
a)
Traditional
b)
Market
c)
Mixed
d)
Command
13.
Countries like China, North Korea, or Cuba are examples of what type of economy?
a)
Traditional
b)
Command
c)
Market
d)
Unlimited
14.
Under which economic system does the government make almost all of the economic decisions?
a)
Command
b)
Market
c)
Traditional
d)
Capitalist
15.
The fundamental economic questions that all economies must answer are
a)
Who will rule, who will vote, and who will pay taxes?
b)
What will be produced, how will it be produced, and for whom it will be produced?
c)
Who determines the cost, who will set the prices, and who determines how much is made?
d)
How much will be produced, of what quality it will be, and who will pay for it?
16.
What is the range that goes from pure command to pure market?
a)
exchange rate
b)
economic continuum
c)
free trade
d)
economic questions
17.
What is literacy rate?
a)
the percent of the population having the ability to read and write
b)
the percent of the population having the ability to fish
c)
the percent of the population having the ability to hear
d)
the percent of the population having the ability to tie their shoes
18.
What is used to measure standard of living?
a)
GDP per capita
b)
Literacy Rate
c)
Poverty Rate
d)
Sanitation Standard
19.
What is standard of living?
a)
the ability to read and write.
b)
the percentage of people in a country that are living in poverty.
c)
It measures the quality of one's life (rich, middle-class, or poor)
d)
the average number of years a person in a country is expected to live.
20.
When you put money into something hoping to make an additional return beyond your seed money, what is this called?
a)
invest
b)
save
c)
spend
d)
hold
21.
Iron, minerals, coal and plants are examples of which productive resource?
a)
Natural Resources
b)
Human Resources
c)
Entrepreneurship
d)
Capital Resources
22.
What is the act of risking one's investment to make a product hoping to make a profit?
a)
human capital
b)
capital resources
c)
entrepreneurship
d)
natural resources
23.
Which is an example of investment in human capital?
a)
trucks
b)
factories
c)
education
d)
highways
24.
The physical development of a country including roads, ports, utilities, water and sewer systems are investments in what specific part of capital resources?
a)
Land
b)
Labor
c)
Infrastructure
d)
Entrepreneurship
25.
What resource is this a picture of?
a)
natural resource
b)
capital resource
c)
human resource
d)
entrepreneurship
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