Question 1 (1 point)

Question

An economy is the organized way a nation provides for the needs and wants of its people.

Question 1 options:
True
False
Question 2 (1 point)
The three types of trade barriers are tariffs, quotas, and protectionism.

Question 2 options:
True
False
Question 3 (1 point)
A free enterprise system encourages individuals to start and operate their own businesses in a competitive system, without government involvement.

Question 3 options:
True
False
Question 4 (1 point)
A business that sells its products in more than one country is considered a

Question 4 options:

Domestic Business

Global Business

For-profit Business

Nonprofit Organization

Question 5 (1 point)
The amount of goods producers are willing to make and sell is called the

Question 5 options:

Supply

Demand

Cost

Equilibrium

0 of 5 questions saved

Answer 1

Here are the answers to your questions:

Question 1: An economy is the organized way a nation provides for the needs and wants of its people.

• Answer: True

Question 2: The three types of trade barriers are tariffs, quotas, and protectionism.

• Answer: False (The three types of trade barriers are tariffs, quotas, and embargoes, whereas protectionism is a broader policy approach.)

Question 3: A free enterprise system encourages individuals to start and operate their own businesses in a competitive system, without government involvement.

• Answer: False (While a free enterprise system promotes business ownership and competition, some government involvement is usually present to maintain regulations, protect property rights, and ensure fair practices.)

Question 4: A business that sells its products in more than one country is considered a

• Answer: Global Business

Question 5: The amount of goods producers are willing to make and sell is called the

• Answer: Supply

If you have any additional questions or need further explanations, feel free to ask!