Basic Economic Terms
Authored by Regina Robinson
Social Studies
6th - 7th Grade
Used 58+ times
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14 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
How are economic decisions made in a traditional economy
Customs and habits
Trial and Error
Government Groups
Consumers and producers
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
How are economic decisions made in a command economy?
Customs and Habits
Government Planning groups
Trial and Error
Consumers and producers
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
How are economic decisions made in a market economy?
Trial and Error
Customs and Habits
Government Planning Groups
Producers and Consumers
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
This term refers to the amount of goods and services sold in a country.
Quota
GDP
ANC
Exchange rate
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A voluntary exchange of good and services among people and countries.
Trade
Tariff
Exchange rate
GDP
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A specific limit placed on the number of imports that may enter a country.
Tariff
Tax
Quota
embargo
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following explains an embargo?
A tax on imports
A limit on imports
To stop trade
To increase trade
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