Economic Systems and International Trade Quiz Test your knowledge on economic systems, international trade, and theories with this quiz. Explore command, market economies, tariffs, trade agreements, and more.
#1
Private ownership of production
Centralized government control
Market-driven allocation of resources
Profit motive determines production
#2
Capitalism
Socialism
Communism
Feudalism
#3
Market economy
Mixed economy
Command economy
Planned economy
#4
When a country's exports exceed its imports
When a country's imports exceed its exports
When a country has no trade partners
When a country's currency is strong
#5
World Health Organization (WHO)
International Monetary Fund (IMF)
World Trade Organization (WTO)
United Nations Educational, Scientific and Cultural Organization (UNESCO)
#6
Adam Smith
Karl Marx
John Maynard Keynes
Milton Friedman
#7
World Health Organization (WHO)
International Monetary Fund (IMF)
World Trade Organization (WTO)
United Nations Educational, Scientific and Cultural Organization (UNESCO)
#8
Capitalism
Socialism
Communism
Mercantilism
#9
When a country can produce more of a good with fewer resources than another country
When a country specializes in producing goods it can produce most efficiently
When a country has an absolute advantage in all goods
When a country imports more than it exports
#10
Theory of Absolute Advantage
Theory of Comparative Advantage
Theory of Factor Proportions
Theory of Mercantilism
#11
A tax on imports or exports
A subsidy given to domestic producers
An agreement to eliminate trade barriers
A currency exchange mechanism
#12
Monetary policy
Fiscal policy
Supply-side economics
Keynesian economics
#13
To regulate currency exchange rates
To promote environmental sustainability
To negotiate and reduce tariffs
To provide humanitarian aid
#14
Socialism
Keynesian economics
Monetarism
Austrian economics
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