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Economic Systems & Trade

Total questions: 23

Worksheet time: 17mins

Name
Class
Date
1.
A barrier is meant to 
a)
encourage the flow of trade
b)
block or slow down trade
c)
make people obey the government 
2.
If a country limits the amount of an imported good, they are using a 
a)
embargo
b)
tariff
c)
quota
3.
When a country refuses to trade with others it is participating in a trade ______
a)
tariff
b)
embargo
c)
quota
4.
A tariff is a ______
a)
tax placed on imported goods
b)
a limit placed on imported goods
c)
a stop of all trade 
5.

Company XYZ produces cheese in Scotland and exports the cheese, which costs $100 per pound, to the United States. A 20% tax would require Company XYZ to pay the United States government $20 to export the cheese. This is a(n)...

a)

Tariff

b)

Quota

c)

Embargo

6.

In 2010, Mexico imposed a limit of 250,000 tons of sugar that could be imported into Mexico. This is a(n)...

a)

Tariff

b)

Quota

c)

Embargo

7.

In 1962, the United States prohibited all imports and exports to and from Cuba. This is a(n)...

a)

Tariff

b)

Quota

c)

Embargo

8.
 The US bans beef imports from Canada after a Mad Cow Disease outbreak there. This is an example of which type of barrier to trade?
a)
Standards
b)
Quota
c)
Subsidy
d)
Tariff
9.

How do trade barriers affect a country's economy?

a)

Trade barriers increase the amount of traded goods.

b)

Trade barriers make trade easier among countries.

c)

Trade barriers make people better off in that country

d)

Trade barriers increase the cost of traded goods.

10.

“The U.S. government places a tax on all imported cars.” Who Benefits?

a)

foreign consumer

b)

domestic producer

c)

domestic consumer

d)

foreign producer

11.

“The U.S. government limits the amount of sugar imported into the U.S. by 1 ton per year.” Who loses?

a)

foreign consumer

b)

domestic consumer

c)

domestic producer

d)

foreign producer

12.
What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?
a)
Market
b)
Mixed
c)
Command
d)
Traditional
13.
What type of economic system is based on customs and beliefs?
a)
Market
b)
Mixed
c)
Traditional
d)
command
14.
The four types of economic systems are: 
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
15.
What are the 3 economic questions?
a)
What to produce? How To Produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
d)
What to produce? How to produce? When to produce?
16.
What type of economy do most countries in the world have?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
17.
In this type of economy, the individual decides who to sell their products to.  
a)
Traditional 
b)
Mixed 
c)
Market
d)
Command
18.
I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 
a)
Traditional 
b)
Command 
c)
Market
d)
Mixed
19.

People must depend on other people to get things they want.

a)

Interdependence

b)

Shortage

c)

Trade

d)

Quota

20.
The things used to produce a good or service.
a)
Quantity
b)
Subsidies
c)
Productive Resources
d)
Supply
21.
The condition of not being able to get all the goods and services one wants. It exists because human wants for goods and services exceed the quantity of goods and services that can be produced using all the available resources.
a)
Scarcity
b)
Standard of Living
c)
Supply
d)
Surplus
22.
amount of goods and services per person in a country.
a)
Trade Barrier
b)
Standard of Living
c)
Subsidies
d)
Voluntary Exchange
23.
Exchanging goods, services, and resources for other goods, services, and resources, or for money.
a)
Trade
b)
Trade Barrier
c)
Productive Resources
d)
Scarcity

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