Economics Test Review

In a traditional economy, the exchanging of goods without using money is called bartering.

What does GDP stand for?

Choose the trade barrier that is being described: Japan will only import 50,000 foreign cars each year.

Which type of economy is a combination of command and market?

If a person is literate, that means that he/she can read and______

A nurse helping a patient is an example of a __________.

A tariff is a ____ placed on international trade.

True/False. An economic system that is based on tradition, customs, beliefs, religion, and habits is a mixed economy.

Read the example and list the trade barrier being described: The United States placed this type of trade barrier on Cuba

Human capital is the knowledge, skills, and training of people in the workforce.

When a country invests in the training of teachers or health care workers it's an example of which factor of production?

Man-made items are called_________.

The economic continuum is an economic scale that is numbered from 0 to 50.

When an individual takes a risk to start a business or creates a product, he/she is called a rich person.

The three main types of economies on the economic continuum are mixed, market, and ______

On the economic continuum, the type of economy with the least freedom for citizens is the mixed economy.

The three economic questions are: What to produce? To whom to produce it?, and_______?

Of the 4 factors of production, which one is the BEST one for a country to invest in to raise the GDP of a country?

A desk is an example of a _________.

When an individual performs something for another person such as teaching, it's called a _______.

The United States of America has a _____ economy.

Choose the natural resource below.

There is a country with a true market economy. (an economic score of 100)

In which type of economy are the economic questions answered by citizens?

The type of trade that happens between countries with no barriers is called_________ trade.

What is the literacy rate for the United States of America?

In a mixed economy, jobs are handed down from generation to generation.

The 4 factors of production are human capital, capital goods, entrepreneurship, and ____.

At what age does a country determine if an individual can read or write?

In this type of economy, the government makes the basic economic decisions such as wages and prices.

The three trade barriers are tariff, embargo, and______.

In a market economy, free enterprise is practiced.

In this type of economy, culture determines which goods are made, sold and bought.