what is the purpose of a tariff?

to increase the price of a good to protect businesses

A country's parliament votes to increase tariffs on goods from another country. This is...

a representative democracy restricting trade

Which of the following BEST describes a market economy?

A person can start any legal business and charge any price

In the late 1700's the British government used the colony of Australia as

a prison area to which prisoners could be sent

When a country has a market economy, which statement correctly defines this system?

Companies produce goods of their choice and consumers buy

You need to purchase sneakers for pe class. Which is an example of effective decision making?

consider the fit of the shoe, appearance and cost

What was the purpose of NAFTA between the US, Mexico and Canada?

to increase trade by doing away with barriers

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Economics milestone review

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Questions 17

Answers

1
what is the purpose of a tariff?
no effect at all
to increase the price of a good to protect businesses
to increase the cost to send product to other countries
to decrease the cost to buy at the lowest price
2
A sixth grade class decided to open a popcorn stand. The stand and the popcorn popper are
natural resources
entrepreneurship
human capital
physical capital
3
A country's parliament votes to increase tariffs on goods from another country. This is...
a communist government allowing freedom of speech
a monarchy encouraging free trade
a representative democracy restricting trade
a socialist congress preventing free enterprise
4
Canada and Mexico are SIMILAR in that lowering trade barriers between them has caused..
decreases in the quality of consumer goods
increases in the prices of consumer goods
growth in their economies
increases in unemployment
5
In a traditional economic system people usually exchange goods and services rather than money..
charging goods with a credit card
bartering
using currency to pay
paying with a check
6
The economic system of communist countries is most closely related to which of the following?
traditional
supply and demand
market
command
7
In which economic system are the production and distribution of goods owned by private entities
feudalism
traditional
market
command
8
Which of the following BEST describes a market economy?
A person can start any legal business and charge any price
National businesses,such as airlines,are owned by government
The government provides services, such as phone and TV
the government provides food and housing to all workers
9
Which word has the same meaning as the term "tariff"?
money
tax
savings
debt
10
Which of the following is found in a market economy?
government control of agriculture
government control of industry
competition
guaranteed yearly pay raises
11
In the late 1700's the British government used the colony of Australia as
a source of resources like iron and coal
a location in which to build new factories
a prison area to which prisoners could be sent
a military base to replace the African colonies
12
When a country has a market economy, which statement correctly defines this system?
Workers are guaranteed a pay raise every year
Basic goods in the country are provided to all people - free
The government controls most businesses in country
Companies produce goods of their choice and consumers buy
13
Which term best describes an economic system in which people-not the government-own businesses?
market
command
traditional
communism
14
Which economic term best describes using money to earn more money?
borrowing
investing
selling
trading
15
You need to purchase sneakers for pe class. Which is an example of effective decision making?
buy the most expensive stylish ones you can find
buy jeans instead
consider the fit of the shoe, appearance and cost
buy the first pair you see
16
What was the purpose of NAFTA between the US, Mexico and Canada?
to help countries produce everything they need for themselve
to increase trade by doing away with barriers
to keep the countries from trading with Europe or Asia
to allow countries to get needed goods without paying
17
The North American Free Trade Agreement (NAFTA) was designed to promote free trade between who?
USA, Canada and Mexico
The US, Mexico, and the islands of the Caribbean
The US, Canada and the United Kingdom
the US, United Kingdom and Russia

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