Unit 4 Economics

Front

Which of the following is not a type of economy? market, command, mixed, subsistence

Back

subsistence

Front

Which of the following is an economic system in which economic decisions are made according to social roles & culture?
Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Traditional economy

Front

Which of the following is an economic system in which individuals own and decide what to do with scarce productive resources? Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Market economy

Front

Which of the following is an economic system in which a central, governmental authority decides how to use a country's scarce resources? Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Command economy

Front

What is another term for trade between nations? Options: Free trade, International trade, Voluntary trade, Trade barrier

Back

International trade

Front

An extra price added onto imported products.

Back

Tariff

Front

When a country won't trade at all with another country.

Back

Embargo

Front

The U.S. depends on Brazil for coffee and shoes. Brazil depends on the U.S. for computer equipment & chemicals. This is an example of:

Back

Interdependence

Front

Afghanistan has a literacy rate of 28%, while Jordan has a literacy rate of 90%. Which of the following is most likely true?

Back

Jordan has a higher standard of living.

Front

True or False: Countries with high literacy rates usually have a LOWER standard of living than nations with low literacy rates.

Back

False