Economics Unit Test

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1 point

What is a quota?

A tax on imported goods.

A landform like a mountain that impedes trade.

A limit on the number of imported goods.

To ban trade with another country.

1 point

When would a quota be used?

To increase buying locally.

To increase buying internationally.

To decrease buying locally.

To decrease GDP.

1 point

Which of the following is an example of human capital?

Trees

Steve Jobs

Factory

Education

1 point

Why is an embargo used?

To increase imports.

To increase GDP.

To decrease GDP.

To punish a country.

1 point

Gross Domestic Product is the combined value of goods and services produced in a country each year.

True

False

1 point

Name one economic system.

1 point

Name one factor of economic growth.

1 point

Which of the following is an example of a capital good?

Factory

Water

Health Care

Education

1 point

Name another economic system.

10.

1 point

Which of the following is not an entrepreneur?

Mark Zuckerberg

Joy Mangano

Steve Jobs

Ronald McDonald

11.

1 point

What is an embargo?

A ban on trade with a country.

A limit the number of imported goods.

A mountain or other land form that impedes trade.

A tax on imported goods.

12.

1 point

What is a tariff?

A tax on imported goods.

A ban on trade with a country.

A limit on imported goods.

A landform like a mountain that impedes trade.

13.

1 point

Which of the following is an example of a natural resource?

Education

Water

Factory

Health Care

14.

1 point

There are many perfect market economies.

True

False

15.

1 point

Name a different economic system.

16.

1 point

Name a country with close to a perfect market economy.

17.

1 point

Name a country with close to a pure command economy.

18.

1 point

Why would a tariff be used?

To punish a country.

To increase domestic sales.

To decrease GDP.

To increase literacy rate.

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