#1
Which economic system relies on government control and ownership of key industries?
Capitalism
Socialism
Communism
Market economy
#2
In a market economy, what determines the prices of goods and services?
Supply and demand
Government regulations
Fixed pricing
Worker wages
#3
What is a primary characteristic of a traditional economic system?
Government control of resources
Reliance on customs and traditions
Free market principles
Equal distribution of wealth
#4
Which organization is responsible for regulating international trade and resolving trade disputes?
#5
Which economic system advocates for the absence of government intervention in the market?
Capitalism
Socialism
Communism
Laissez-faire capitalism
#6
Which trade agreement created a free-trade zone between the United States, Mexico, and Canada?
#7
What is a characteristic of a mixed economy?
Complete government control of the economy
No government intervention in the economy
Combination of government and private control
Absence of markets
#8
What is the term for the total value of a country's exports minus the total value of its imports?
Trade deficit
Trade surplus
Balance of payments
Current account
#9
Which economic theory suggests that government intervention is necessary to moderate economic instability?
Classical economics
Keynesian economics
Monetarism
Austrian economics
#10
What is a characteristic of a command economy?
Private ownership of resources
Centralized government control
Market forces determine prices
Individual freedom to make economic decisions
#11
Which economic concept measures the total value of goods and services produced within a country in a given period?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Inflation rate
Unemployment rate
#12
What is the term for a situation where one country can produce a good more efficiently than another country?
Absolute advantage
Comparative advantage
Specialization
Tariff
#13
In international trade, what does the term 'dumping' refer to?
Selling goods below their production cost
Excessive taxation on imports
Prohibiting imports of certain goods
Imposing tariffs on exports
#14
What is the primary objective of a trade embargo?
To promote free trade
To limit imports and exports
To increase foreign investment
To enhance diplomatic relations
#15
What is the term for a trade agreement that eliminates tariffs and other barriers to trade between member countries?
Customs union
Free trade agreement
Trade bloc
Tariff quota