Question

epp unit 1 vocabulary quiz
use your own notes only while completing this quiz. you may not use any electronic device (e - book, laptop, tablet, phone, etc.). you may not share notes. if an electronic device is on your desk, in your lap, in your hand or if it appears that you are sharing notes, this is a violation of the honor code and will be dealt with per the terms of the rhs honor code.
what type of economy are economic decisions passed down from government authority and the government owns the resources?
______ measures cost by what we give up/forfeit in exchange; measures the value of foregone alternative.
if a country exports more goods than it imports, it has a....
what is the term for taxes that governments place on imported goods?
if a country can produce a good at a lower cost in terms of other goods, it has a...

Explanation:

1. When economic decisions are passed down from government authority and the government owns resources, it's a command - economy.
2. Opportunity cost measures cost by what is given up.
3. If a country exports more than it imports, it has a trade surplus.
4. Taxes on imported goods are called tariffs.
5. When a country can produce a good at a lower cost in terms of other goods, it has a comparative advantage.

Answer:

1. Command economy
2. Opportunity cost
3. Trade surplus
4. Tariffs
5. Comparative advantage