Economic System

What is the name for a limit on the number of goods that can be imported from a country?

• embargo
• quota
• tariff
• barter

What is the currency used by most countries in the European Union?

• euro
• shilling
• pound
• dollar

Which country has a pure command economy?

• United Kingdom
• Russia
• Germany
• None

What is the term for someone who takes a risk and starts a business?

• business owner
• chief executive
• boss
• entrepreneur

How can a country's GDP be improved?

• increase workers
• decrease workers
• increase literacy rate
• decrease literacy rate

The three economic questions all entrepreneurs should consider before starting a business?

• What, when and where to produce
• For whom, what and why to produce
• What, how, for whom to produce
• Am I crazy for trying to do this?

What is the name for a tax placed on imported goods?

• tariff
• quota
• tandem
• embargo

The EU will not accept any products from any country whose government will not allow free speech. This is an example of which trade barrier?

• tariff
• barter
• quota
• embargo

How can a country invest in its human capital?

• buy new uniforms
• providing healthcare
• update the factory
• improve the quality of the merchandise

If a country's literacy rate is high, then their standard of living is most likely ____.

• low
• difficult
• average
• high