Quiz #2

Choose the correct definition of capital goods

• the money used to produce goods and services
• the people used to make goods or services
• the factories, machines, technology used to make goods or services

Read the definition. Then choose the vocabulary term defined. "The way in which a country produces and distributes goods, services, and resources."

• entrepreneurship
• exchange rate
• economic system - the plan a country chooses

Choose the correct word or phrase to complete the definition. Vocabulary Term: Command Economy Definition: an economic system based on ____________ control and regulations.

• limited
• government
• citizen

Choose the correct word or phrase to complete the definition. Vocabulary Term: Embargo Definition: _______________________ on trade with a specific nation or group of nations.

• an agreement
• a dollar limit
• a ban

Choose the correct definition of literacy rate.

• the percentage of adults who live in an area
• the percentage of adults who can read and write
• the percentage of adults who finish high school

Read the definition. Then choose the vocabulary term defined. "The lack of resources to produce all the goods and services that are needed or wanted."

• unlimited
• scarcity
• trade -off

Choose the correct definition of exchange rate.

• the ratio used to determine how much of one currency can be exchanged for an equal value of another currency
• the ratio used to determine how many goods and services can be imported
• the ratio used to determine how many goods and services can be exported

Choose the correct definition of quota.

• a minimum quantity of a good that can be imported
• a tax on an imported good
• a ban on a imported good

Read the definition. Then choose the vocabulary term defined. "A naturally made item, such as a tree, mineral, or fresh water, that people can use to help meet a need or want."

• chemical
• natural resource
• industry

Choose the correct word or phrase to complete the dictionary term. Vocabulary Term: Tariff Definition: A _____________ that is placed on goods brought into one country from another.

• limit
• tax
• ban