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Chapter 7 Test
Test Description: Chapter 7, how our economy works and how it compares to other countries economies. Part one
Instructions: Answer all questions to get your test result.
1) A plan that determines how money will be spent
A
budget
B
resource
C
barter
D
inflation
2) an increase in prices when manufacturers cannot meet the demands of consumers
A
inflation
B
employer
C
demand
D
consumer
3) a valueable product, such as electricity, that people need
A
resource
B
inflation
C
budget
D
consumer
4) a business that makes products consumers buy
A
inflaton
B
consumer
C
manufacturer
D
barter
5) trade goods for other goods
A
barter
B
consumer
C
resource
D
inflation
6) those who buy or use a product
A
consumer
B
resource
C
employer
D
barter
7) the boss who pays the employee for working
A
resource
B
budget
C
employer
D
inflation
8) things a person must have to live
A
wants
B
needs
C
supply
D
standard of living
9) the amount of products that businesses produces
A
supply
B
wants
C
needs
D
demand
10) an economic measure of how well people in a country live
A
mint
B
demand
C
supply
D
standard of living
*select an answer for all questions
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