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WorksheetsPSB Unit 3 Vocab
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
A balance of trade in which a country exports more goods than they import
a)
Trade Deficit
b)
Quota
c)
Trade Surplus
d)
Tariff
2.
A trade barrier in which a country places taxes on imported goods so that the price is raised
a)
Trade Deficit
b)
Trade Surplus
c)
Quota
d)
Tariff
3.
A balance of trade in which a country imports more goods than they export
a)
Trade Deficit
b)
Quota
c)
Trade Surplus
d)
Tariff
4.
This is based around making sure that every individual has enough to survive, and wealth is divided amongst everyone.
a)
Socialism
b)
Communism
c)
Capitalism
d)
Mixed
5.
This refers to the practice of transferring jobs to an outside country in order to utilize cheaper labor
a)
Comparative Advantage
b)
Trade
c)
Outsourcing
d)
Labor Union
6.
When one country can produce a product cheaper than anyone else, that country has a
a)
Comparative Advantage
b)
Trade
c)
Outsourcing
d)
Labor Union
7.
Government control of all aspects of an economy is a characteristic of this type of economy.
a)
Socialism
b)
Communism
c)
Capitalism
d)
Mixed
8.
This is a trade barrier that limits the number of imported goods from another country
a)
Trade Deficit
b)
Trade Surplus
c)
Quota
d)
Surplus
9.
An economic system in which Supply and demand largely dictate prices. Based on private ownership and economic freedom.
a)
Capitalism
b)
Communism
c)
Socialism
d)
Mixed
10.
A situation in which decisions made by one person affect decisions made by other people, or events in one sector of the economy affect other sectors of the economy.
a)
Labor Unions
b)
Comparative Advantage
c)
Interdependence
d)
Outsourcing
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