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Chapter 7 Test
Test Description: Chapter 7, how our economy works and how it compares to other countries economies. Part one
Instructions: Answer all questions to get your test result.
1) A plan that determines how money will be spent
A
barter
B
inflation
C
resource
D
budget
2) an increase in prices when manufacturers cannot meet the demands of consumers
A
inflation
B
employer
C
demand
D
consumer
3) a valueable product, such as electricity, that people need
A
budget
B
inflation
C
consumer
D
resource
4) a business that makes products consumers buy
A
consumer
B
inflaton
C
barter
D
manufacturer
5) trade goods for other goods
A
inflation
B
resource
C
barter
D
consumer
6) those who buy or use a product
A
consumer
B
resource
C
barter
D
employer
7) the boss who pays the employee for working
A
resource
B
inflation
C
budget
D
employer
8) things a person must have to live
A
needs
B
supply
C
standard of living
D
wants
9) the amount of products that businesses produces
A
demand
B
supply
C
wants
D
needs
10) an economic measure of how well people in a country live
A
supply
B
standard of living
C
demand
D
mint
*select an answer for all questions
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