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Economic Vocabulary Terms
Test Description: SS7E-1-1. Economics terms
Instructions: Answer all questions to get your test result.
1) Mixture of pure Command and pure Market
A
command
B
traditional
C
market
D
mixed
2) Produce what they need to survive (hunting, farming, or gathering)
A
command
B
traditional
C
market
D
mixed
3) Government control
A
market
B
traditional
C
mixed
D
command
4) People control based on supply and demand
A
command
B
traditional
C
market
D
mixed
5) Items that people need to perform their jobs
A
natural resources
B
entrepreneurs
C
human capital
D
Capital goods
6) People who perform labor
A
entrepreneurs
B
natural resources
C
capital goods
D
human capital
7) Gifts from nature
A
entrepreneurs
B
human capital
C
natural resources
D
capital goods
8) How much one currency is worth in terms of another
A
currency
B
literacy rate
C
exchange rate
D
Stock Market
9) The percentage of people who can read and write
A
literacy rate
B
exchange rate
C
standard of living
D
GDP
10) The value of all goods and services produced in a country in one year
A
literacy rate
B
GDP (Gross Domestic Product)
C
human capital
D
capital gooods
11) How well citizens live based on good public services, education, health, and good jobs
A
standard of living
B
specialization
C
literacy rate
D
opportunity cost
12) People with new ideas who are willing to take risks to start a business or make a product
A
human capital
B
capital goods
C
entrepreneurs
D
stock broler
*select an answer for all questions
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