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Vocabulary
True or False
Types of Economies
Trade
Multiple Choice
100
Gross Domestic Product
What does GDP stand for?
100
True.
Deficit is a situation in which government spends more than it collects in revenue
100
Market Economy
What type of economy is based on consumers and their buying decisions?
100
Tariff
What is a tax on imports called?
100
C) Consumer
What is a person called when they buy or use goods and services? A) Customer B) Purchaser C) Consumer D) User
200
something that encourages people to work harder or to produce more
What does incentive mean?
200
False. It is not enough of a certain resource to satisfy people's needs and wants
Scarcity is having too much of a good.
200
Command Economy
Which type of Economy is solely run by the Govt. and decisions on resources are also my by the Govt?
200
a law that sets a fixed limit on the amount of imports
What is an import quota?
200
A) Debt
What is money loaned, usually for a fee, that must be paid back? A) Debt B) Credit C) Bond D) Loan
300
a government corporation that insures bank deposits up to $100,000
What is the Federal Deposit Insurance Corporation (FDIC)?
300
True.
Deflation is a decrease in the average price of all goods and services
300
Traditional Economy
Which type of Economy is based on old methods of barter and trade?
300
unrestricted trade between countries
What does Free Trade Allow?
300
D) Raise
What is something that encourages people to work harder or to produce more? A) Incentive B) Prize C) Reward D) Raise
400
a government policy that cuts off trade with certain countries
What is embargo?
400
False. It is human-made items, such as machines and tools, that are used to produce goods and services
Capital is the total amount of country has.
400
Mixed Economy
Which Type of Economy has a combination of Market, Command and Traditional Methods?
400
Embargo
What is a government policy that cuts off trade with certain countries?
400
C) tax on imports
What is Tariff? A) A debt owed to another country B) Tax on exports C) Tax on imports D) Money gained from trade
500
the policy of limiting trade with other countries to protect domestic industries
What is protectionism?
500
False. It is a basic economic policy that calls for noninterference by the government in business matters
Laissez faire calls for more government interference, true or false?
500
Market Economy
Which type of Government would be best for someone looking to start their own business and make their own decisions on the products they sell?
500
Trade Barriers
What are Taxes, quotas, and other restrictions on goods entering or leaving a country; restrictions to free trade?
500
B) To aid or promote money
What is subsidize? A) To seize a person's assets B) To aid or promote money C) Money taken from an employees check D) To seize a person's sub imcome