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Chapter 7 Test Part 2
Test Description: Part 2
Instructions: Answer all questions to get your test result.
1) What and how much the consumer wantes to buy
A
demand
B
wants
C
needs
D
supply
2) things a person would like to own but can do without
A
wants
B
supply
C
mint
D
standard of living
3) the place where coins are made
A
wants
B
supply
C
needs
D
mint
4) One advantage of a consumer-driven economy is competition
A
true
B
false
5) Manufacturing is the movement of money from person to person or place to place
A
true
B
false
6) In a socialist economy, the government owns and controls one or more of the major resources
A
false
B
true
7) The consumer does not have a choice when he selects a product with a monopoly
A
false
B
true
8) A contry rich in resources tends to have a lower standard of living
A
false
B
true
9) Some businesses are owned by the government and some by the people
A
socialist economy
B
capitalist economy
C
communist economy
10) The government controls the supply, decides what items to produce, and determines the prices for those items
A
capitalist economy
B
socialist economy
C
communist economy
*select an answer for all questions
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