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Economy
Test Description: Economics Part 1
Instructions: Answer all questions to get your test result.
1) A political system in which the govt. own all property and runs a command economy
A
Nationalism
B
Socialism
C
Communism
2) Any activities performed for a fee.
A
Demand
B
Goods
C
Services
3) A person who buys good or services for personal use.
A
Consumer
B
Salesman
C
Banker
4) A system in which businesses operate with little government involvement, such as a country with a market economy.
A
Free Enterprise
B
Communism
C
Nationalism
5) The structure of economic life in a country.
A
economy
B
Inflation
C
market
6) Paper or coins that a country uses for its money supply.
A
credit
B
taxes
C
currency
7) An increase in overall prices.
A
debt
B
imports
C
inflation
8) The amount of goods and services that consumers are willing and able to buy at a given time.
A
Demand
B
Services
C
Supply
9) Objects or materials that humans can purchase to satisfy their wants and needs.
A
Services
B
Supply
C
Goods
10) The gain or excess made by selling goods or services over their costs.
A
Inflation
B
credit
C
profit
11) A required payment to a local, state, or national government.
A
fee
B
credit
C
tax
12) The exchange of one good or service for another.
A
barter
B
exports
C
imports
13) An amount of money that is owed.
A
credit
B
interest
C
debt
14) Goods or services that a country sells and sends to other countries.
A
imports
B
free trade
C
exports
15) A gain of money that comes typically from labor or capital.
A
income
B
tax
C
credit
16) Trade among nations that is not affected by financial or legal barriers.
A
free trade
B
free enterprise
C
free merchandise
17) Goods or services that a country brings in or purchases from another country.
A
goods
B
imports
C
exports
18) The trade of goods and services
A
economy
B
free enterprise
C
market
19) A system that allows consumers to pay for goods and services over time.
A
credit
B
taxes
C
loan
20) A condition of limited resources and unlimited wants by people.
A
free enterprise
B
scarcity
C
demand
*select an answer for all questions
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