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Economics Unit
Test Description: Review of economics concepts through application
Instructions: Answer all questions to get your test result.
1) What would be the Most important in deciding what job you would do if you lived in a traditional economy?
A
the types of factories in your area
B
the job your parents had
C
careers that you were most interested in
D
how smart you were in school
2) John is an auto mechanic in a nearby larger town. He has decided his own small town needs its own car repair shop. Jon bought the building and opened his shop. Jose is an example of a ________.
A
opportunity costs
B
trade surplus
C
entrepreneuer
D
gross domestic product
3) Which term best describes an economic system in which the people- not the government own land, factories, and buisnesses?
A
communism
B
tradtional
C
market
D
command
4) In a command economy, who usually owns the farms and factories?
A
the government
B
farm and factory workers
C
individuals
D
corporations
5) When a country has a market economy, which of these statements correctly defines this system?
A
The government controls most of the buisnesses in the country
B
Workers are guaranteed a pay raise every year.
C
Companies produce goods of their choice and consumers decide whether to buy the goods.
D
Basic goods in the country are provided to all people without charge.
6) Which word has the same meaning as the economic term tariff?
A
savings
B
debt
C
tax
D
money
7) What is the money people use in a country called?
A
trade
B
voluntary
C
currency
D
exchange
8) A sixth grade class decides to open a popcorn stand. The stand and popcorn popper are examples of which factor of production?
A
human resources
B
capital resources
C
natural resources
D
entreprneurship
9) The literacy rate for the region of 90%. In the country of Haiti, it is 53%. Which statement best reflects these factors of economic growth in Haiti?
A
Haiti's high investment in human resources lowers the per capita GDP.
B
Haiti's per capita GDP would decrease if there was more investment in human resources.
C
Haiti has greater opportunity for other capital investments than education.
D
Haiti's low investment in human resources lowers the per capita GDP.
10) Brazil is building new factories and using newer technology. These are examples of ______.
A
gross domestic products
B
investment in capital resources
C
investment in human resources
D
opportunity costs
*select an answer for all questions
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