BMS Economy

Front

What is scarcity?

Back

When there is a small amount of something available.

Front

Trade barriers ___________________ trade between separate countries.

Back

limit or prevent

Front

What type of economy is described by the government controlling the economy? Options: command, market, traditional

Back

command

Front

What type of economy is described by decisions based on what is needed to survive? Options: Command, Market, Traditional

Back

Traditional

Front

What type of economy is described by: People can choose what they want to buy, sell or make.

Back

market

Front

What type of trade barrier is a tax placed on pineapples imported from Costa Rica? Options: quota, tariff, embargo

Back

tariff

Front

What type of trade barrier is described by the limit of 25,000 cars allowed to be imported from Japan?

Back

quota

Front

What type of trade barrier is described by the statement: "Trade with Cuba was completely stopped."

Back

embargo

Front

What type of economy does almost every country in the world have? Options: command, traditional, market, mixed

Back

mixed

Front

What is one reason that a country might enforce an embargo on another?

Back

They are at war with each other.