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WorksheetsEconomic Terms Review
Total questions: 9
Worksheet time: 5mins
Name
Class
Date
1.
A focus on developing only certain skills or producing only certain goods/services
a)
Imports
b)
Exports
c)
Specialization
d)
Globalization
2.
Goods and services produced in other countries and sold at home
a)
Imports
b)
Exports
c)
Specialization
d)
Globalization
3.
Good and services produced at home and sold in other countries
a)
Imports
b)
Exports
c)
Specialization
d)
Globalization
4.
A tax on imports
a)
tariff
b)
import tax
c)
supply
d)
embargo
5.
The total dollar amount of all final goods and services produced in a country in a year divided by the country's population.
a)
Gross Domestic Product (GDP)
b)
Gross Domestic Product per Capita
c)
Standard of Living
d)
Scarcity
6.
A limit to the number of imports that may enter a country
a)
tariff
b)
embargo
c)
demand
d)
quota
7.
A government order stopping trade with another country
a)
tariff
b)
embargo
c)
quota
8.
Why is a system of currency exchange necessary for international trade?
a)
Nearly all world currencies are worthless on the world market
b)
Those buying goods on the world market only accept payment in gold and silver
c)
Most goods bought on the international market must be bought and paid for using United States dollars only
d)
There must be a way to pay for goods purchased from countries with different types of currencies due to Nationalism
9.
Trading without anyone forcing you to do so.
a)
Voluntary Trade
b)
Embargo
c)
Trade Barrier
d)
Import
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