Economics Post Test

If the United States stop ALL trade with Mexico, what type of trade barrier is this?

• Tarrif

• Embargo

• Quota

Which question is NOT one basic question of economics?

• What to produce

• How to produce

• For whom to produce

• What goods and services are available?

If the United States places a tax on imported or exported goods, this is an example of which trade barrier?

• Tariff

• Embargo

• Quota

• Command Economy

The total dollar value of the goods and services produced in one year.

• national income

• Gross Domestic Product

• Gross Dog Picture

• net domestic product

The talent and skill of people.

• Human Capital

• Capital Good

• Natural Resource

• Entrepreneurship

Goods and services sold and shipped to other countries and regions.

• Goods

• GDP

• exports

• natural resource

When a region or country specializes and produces certain goods and services and sells them in other countries and regions this is called....

• Quantity

• Tarrif

• Specialization

• Currency

Which is an example of human capital

• Someone who is educated in a specific trade or skill

• A tree

• An unskilled person

• Tariff

When a country has a high GDP it indicates....

• There is a communist government

• There is a higher standard of living

• More people are happy

This type of economy has NO government regulations and is controlled by the people/ market.

• Command

• Market

• Traditional

• Mixed