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WorksheetsEconomic Systems & Trade Barriers
Total questions: 22
Worksheet time: 15mins
List the four eonomic systems
Market Mixed Commad Traditional
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Human capital
A tax on imports
tariff
import tax
supply
embargo
In a market economy, what most strongly affects the price and quality of goods and services?
tariffs
competition as well as supply and demand
trade barriers
government control
A tax on imports
tariff
import tax
supply
embargo
In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)
Command
Socialism
Market
Traditional
Which of the following best explains a mixed economy?
Private ownership of the factors of production and regulation of businesses by government
Market exchanges answer all three of the big economic questions
Family customs and traditions determine what and how to produce a good
Government answers all three of the big economic questions
In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.
Mixed
Market
Traditional
Command
What Does Embargo Mean?
(a)
A new tax is added to pharmaceutical imports from the United Kingdom.
tariff
quota
embargo
Germany places a block on all imports from Sri Lanka
tariff
quota
embargo
Spain restricts all imports of automobiles from Germany
tariff
quota
embargo
France imposes a limit on Avocado imports from Mexico.
tariff
quota
embargo
Amanda is automechanic in Springerville. her has decided Her hometown needs its own car repair shop . Amanda bought the building an opened her shop, What would Amanda be an example of?
OPPORTUNITY COST
ENTREPRENEUR
GROSS DOMESTIC PRODUCT
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What is the UK & GERMANY & RUSSIA economic system ?
(a)
What is the purose of currency exchange ?
(a)
What is scarcity ?
(a)
