Business unit 3 lesson 1 Exam
Questions and Complete Solutions
Graded A+
What is economics? - Answer: the branch of study concerned with the production, consumption, and
transfer of wealth
Which responsibility(ies) is/are the U.S. Department of the Treasury NOT responsible for? - Answer:
decreasing poverty rates
check
helping entrepreneurs
What is the term for the study of effects and relationships between international economies based on
resources, trade, and consumer preferences? - Answer: international economics
What is the difference between unilateral sanctions and multilateral sanctions? - Answer: Unilateral
sanctions are those imposed by one country onto one other country; multilateral sanctions are those
imposed by one country onto multiple countries.
the action of a government to seize a private business and claims it for its own - Answer: nationalization
relating to government revenue, especially taxes - Answer: fiscal
a tax or duty placed on the exports or imports of a good from another country - Answer: Tarrif
manufactured goods or services that are purchased from another country - Answer: Imports
trade penalties imposed by one nation onto another - Answer: sanctions
Questions and Complete Solutions
Graded A+
What is economics? - Answer: the branch of study concerned with the production, consumption, and
transfer of wealth
Which responsibility(ies) is/are the U.S. Department of the Treasury NOT responsible for? - Answer:
decreasing poverty rates
check
helping entrepreneurs
What is the term for the study of effects and relationships between international economies based on
resources, trade, and consumer preferences? - Answer: international economics
What is the difference between unilateral sanctions and multilateral sanctions? - Answer: Unilateral
sanctions are those imposed by one country onto one other country; multilateral sanctions are those
imposed by one country onto multiple countries.
the action of a government to seize a private business and claims it for its own - Answer: nationalization
relating to government revenue, especially taxes - Answer: fiscal
a tax or duty placed on the exports or imports of a good from another country - Answer: Tarrif
manufactured goods or services that are purchased from another country - Answer: Imports
trade penalties imposed by one nation onto another - Answer: sanctions
