Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Economics Basics
Test Description: Chiefly a vocabulary test
Instructions: Answer all questions to get your test result.
1) Economic System in which the government answers the basic questions of what, how and for whom to produce.
A
Market Economy
B
Slumping Economy
C
Traditional Economy
D
Command Economy
2) Trade barrier that limits the amount of imports from some country.
A
Embargo
B
Quota
C
Specialization
D
Tariff
3) Timber, Oil, Cotton - are all examples of:
A
Natural Resources
B
Capital Resources
C
Human Resources
D
Trade Barriers
4) Economic System where competition and advertising are found.
A
Martian Economy
B
Market Economy
C
Traditional Economy
D
Command Economy
5) GDP, Gross Domestic Product, is a measure of an economy's:
A
Government involvement level
B
Trade with other nations
C
Strengths and weaknesses
D
Growth from year to year
6) Economic System in which 'the way we've always done it' is the answer to the questions, what, how, and for whom to produce.
A
Traditional
B
Market
C
Command
D
Venetian
7) Education, training, and healthcare (doctors, clinics, medicines)
A
Capitol city
B
Capital Goods
C
Human Capital
D
Stock Capital
8) Economic Systems where buyers and sellers decide on prices of goods and services.
A
French
B
Market
C
Command
D
Traditional
9) A communist country with heavy government control likely has which type of economic system?
A
German
B
Traditional
C
Market
D
Command
10) Most countries have a _____________ Economy
A
Command
B
Mixed
C
Traditional
D
Market
11) All societies must answer the 3 basic economic questions. Which are:
A
Whether to produce, which resource to use, and to export goods or not?
B
When to produce, where to produce, and for what purpose to produce?
C
What to produce, how to produce, and for whom to produce?
D
What to eat, when to eat, and where to eat?
12) Why do most countries have a mixed economy?
A
Because most governments are unwilling to leave a Pure Market economy alone
B
Because natural resources are unequally distributed
C
Market is best for growing your economy, but the consumers need protection from fraud.
D
Most countries do not have a mixed economy
13) What is a tariff?
A
a refusal to trade with countries in a specific region
B
a tax on imports
C
a limit on imported goods from a certain country
14) A 7th grade class decides to open a popcorn stand. The stand and the popcorn popper are examples of which factor of production?
A
Capital Resources
B
Human Resources
C
Stock Resources
D
Natural Resources
15) Which of these best describes a Market economy?
A
The government provides food and housing to all workers.
B
A person can start any legal business and charge any price.
C
The government provides services, such as telephones and television.
D
National businesses, such as airlines, are owned by the government
16) Which of these best describe a mixed economy?
A
Prices and wages are solely regulated by a country’s government.
B
A combination of privately-owned industry and government control.
C
Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.
D
A country’s distribution of resources is based on inheritance.
17) An increase in a nation's GDP would reflect an increase in:
A
Military build-up and weapons acquisition
B
Worker productivity
C
Average annual temperature
D
Newly elected leadership in government
18) Increased worker productivity equals:
A
Fewer Goods and Services produced
B
Increased specialization
C
More Goods and Services produced
D
More entrepreneurship
19) An increase in GDP could reflect a government having invested in:
A
Military weapons
B
Capital Goods
C
Human Capital
D
Soccer franchises
20) Next generation technology, including advanced robotics is part of:
A
Capital Resources
B
Command Economy
C
Human Capital
D
Human Resources
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?