Economics Vocabulary

Question 1

Currency Exchange has to be equal

Accepted Answer

False

Question 2

Export means to send products into a country.

Accepted Answer

False

Question 3

When the European Union be MORE LIKELY to set a trade embargo on an outside country instead of a tariff?

Accepted Answer

If its goal was to enforce a penalty against that country.

Question 4

A blend of systems: traditional/market or command

Accepted Answer

Mixed Economy

Question 5

a person who buys something

Accepted Answer

consumer

Question 6

quotas and tariffs are examples of trade barriers

Accepted Answer

True

Question 7

Standard of living has nothing to do with the quality of life a country or person has.

Accepted Answer

False

Question 8

Which of the following represents teh MAIN economic reason for the formation of the European Union?

Accepted Answer

to establish voluntary trade among its members

Question 9

A quota limits imports

Accepted Answer

True

Question 10

Jobs are passed down from one generation to another; participants try to provide basic needs of life

Accepted Answer

traditional

Question 11

What question must an economy answer?

Accepted Answer

What to produce?

Question 12

someone who starts a new business or invests with an old one

Accepted Answer

entrepreneur

Question 13

An economy must answer 4 questions.

Accepted Answer

False

Question 14

Communist government makes all economic decisions

Accepted Answer

Command Economy

Question 15

Gross Domestic Product (GDP) is the value of all final goods and services produced in a country each year.

Accepted Answer

True

Question 16

mountains and deserts are examples of physical trade barriers

Accepted Answer

True

Question 17

Refusing to buy, sell, or trade with another country

Accepted Answer

embargo

Question 18

Specialization is being an expert in a particular field or job.

Accepted Answer

True

Question 19

Products or goods are items available for purchase.

Accepted Answer

True

Question 20

Services are work done for other people for a fee.

Accepted Answer

True

Question 21

barriers that countries place on each other

Accepted Answer

Economic Trade Barriers

Question 22

a person or company that sells items for purchase

Accepted Answer

producer

Question 23

Russia&#x27;s economy has moved toward a pure market economy since the fall of the Soviet Union.

Accepted Answer

True

Question 24

Which country is the closest to a pure command economy?

Accepted Answer

Russia

Question 25

the ability to read and write impacts your ability to make a living

Accepted Answer

literacy rate

Question 26

Based on bartering/trading goods

Accepted Answer

Traditional Economy

Question 27

Investing in in the education, health care, and training of people

Accepted Answer

Human Capital

Question 28

The UK, Germany & Russia are NOT mixed economies.

Accepted Answer

False

Question 29

physically stopping imports and exports

Accepted Answer

blockade

Question 30

materials found within the earth used to create or produce products

Accepted Answer

natural resources

Question 31

Individuals and businesses control and own production

Accepted Answer

Market Economy

Question 32

A capital good is not a machinery that is used to produce other things

Accepted Answer

False

Question 33

Import means to send products out of a country.

Accepted Answer

False

Question 34

Germany specializes in automobile production. Which statement BEST describes Germany?

Accepted Answer

Germany can produce automobiles more efficiently than other countries.

Economics Vocabulary

Questions 34

Economics Vocabulary

Questions 34