Economics

Question 1

Which type of trade barrier places a limit or number on how many products can be imported

Accepted Answer

quota

Question 2

What type of trade barrier did President Trump use to tax some products imported from China?

Accepted Answer

tariff

Question 3

On the Economic Continuum, where does Cuba belong?

Accepted Answer

left

Question 4

Which describes most countries around the world today?

Accepted Answer

mixture of command and market

Question 5

Which of the following reflects a mixed economy?

Accepted Answer

both privately-owned industry and government control

Question 6

system in which consumers (citizens) make all economic decisions based on changes in prices

Accepted Answer

Market Economy

Question 7

A country might place an embargo on another because of

Accepted Answer

political differences

Question 8

On the Economic Continuum, where does the United States belong?

Accepted Answer

right

Question 9

Method where a country focuses on producing a few products well

Accepted Answer

specialization

Question 10

system where government makes all the decisions and answers the basic economic questions

Accepted Answer

Command Economy

Question 11

system where customs and habits are most important and people only produce what is needed

Accepted Answer

Traditional Economy

Question 12

What are the three basic economic questions that must be answered by all countries?

Accepted Answer

What to produce, how to produce it, for whom to produce it?

Question 13

trade agreement between Canada, the U.S., and Mexico

Accepted Answer

NAFTA

Question 14

How are embargoes different from other trade barriers?

Accepted Answer

They completely eliminate trade between countries.

Questions 14