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Economics III
Test Description: Terms
Instructions: Answer all questions to get your test result.
1) Parts of a product built to a standard size to easily be replaced
A
interchange
B
interchangeable parts
C
particles
D
intermission
2) A person who buys, sells, and trades goods for a profit
A
missionary
B
producer
C
merchant
D
consumer
3) The value of the second best choice between two choices
A
wages
B
productin costs
C
material costs
D
opportunity costs
4) The money made on goods that exceeds the cost
A
advertisement
B
wage
C
expense
D
profit
5) The person who owns a business
A
employee
B
consumer
C
customer
D
proprietor
6) The shortage of goods and services
A
demand
B
surplus
C
scarity
D
supply
7) The amount of an item in inventory
A
surplus
B
deficit
C
stock
D
tax
8) Another word for tax
A
investment
B
budget
C
boycott
D
tariff
9) Money paid to the government
A
cost
B
tax
C
barter
D
boycott
10) When imports exceed exports
A
trade deficit
B
trade barrier
C
trianglular trade
D
trade surplus
*select an answer for all questions
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