Voluntary Free Trade

Question 1

Goods that are bought and brought into the countries.

Answer 1

Imports

Question 2

Goods that are sold and sent out to other countries.

Answer 2

Exports

Question 3

A fee or tax on a good that can be imported into a country.

Answer 3

Tariff

Question 4

A limit on an amount of a good that can be imported into a country.

Answer 4

Quota

Question 5

The refusal of one country to trade with another.

Answer 5

Embargo

Question 6

The economic practice where countries can import and export goods without the government stopping it.

Answer 6

Free Trade

Question 7

Based on culture and rituals,and is focused on the community as a whole (small societies).

Answer 7

Traditional Economy

Question 8

Decisions are made by individuals, based on trade and competition, also called free market, lacks regulation or quality. No countries are this today.

Answer 8

Market Economy

Question 9

Also called Centrally Planned Economy, government makes all decisions, no incentive to work hard.

Answer 9

Command Economy

Question 10

Combination of free market with government involved, governments are there to assure quality and regulation.

Answer 10

Mixed Economy