Economics

When buyers and sellers answer the three economic questions, it is considered a __________________ economy

• traditional

• market

• command

When the government answers the three economic questions, it is considered a __________________ economy.

• traditional

• market

• command

If a country is at 80% on the economic continuum, it is considered to be on the _________________ side.

• command

• market

• traditional

If a country is at 30% on the economic continuum, it is on the ____________________ side.

• market

• command

• traditional

Which is NOT one of the three economic questions?

• what to produce

• how to produce

• for whom to produce

• when to produce

If the demand for a product is high with a low supply, the price will _____________________.

• increase

• decrease

• stay the same

if the demand for a product is low with a large supply, the price will _________________.

• increase

• decrease

• stay the same

Which is NOT a trade barrier?

• tariff

• quota

• embargo

• nationalism

A ban on trade is a/an__________________

• embargo

• tariff

• quota

In economic terms, a quota is ___________________

• a limit

• a ban

• a tax