Unit One- Economics: Question Preview (ID: 20365)


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Things that are made are called _____________________.
a) economics b) services c) goods d) symbols
A system where people make, consume, and exchange goods is called ______________________.
a) economics b) production c) consumption d) service
When a person buys a product, they become a ____________________.
a) exporter b) producer c) supplier d) consumer
Which person performs a service?
a) a fireman b) a doctor c) a fireman and a doctor d) farmer
Which is an example of a good?
a) shoe b) candy c) i-pad d) all of the answers given
What is the economy in which consumers help determine what is to be produced, distributed, and consumed by buying or not buying certain goods and services?
a) command b) traditional c) market d) mixed
What is the kind of economy in which the central government owns most of the industries that makes most of the economic decisions?
a) command b) traditional c) market d) mixed
What is the kind of economy where elder decide about the exchange of goods or services based on custom and tradition?
a) command b) traditional c) market d) mixed
Goods sold to other countries are called _____________________________.
a) mixed trade b) tariff c) imports d) exports
Goods purchased from other countries are called ____________________.
a) mixed trade b) tariff c) imports d) exports
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