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Economics Vocabulary And Types Of Economies
Test Description: For review
Instructions: Answer all questions to get your test result.
1) The amount of a product available for conumers to buy.
A
Consumers
B
Supply
C
Demand
D
Services
2) Actions that people do for others.
A
Services
B
Demand
C
Economics
D
Needs
3) Things people make, grow or use that can be purchased to satisfy needs and wants.
A
Goods
B
Product
C
Services
D
Producer
4) Bringing in goods from another country
A
Export
B
Price
C
Import
D
Supply
5) Selling goods to another country
A
Import
B
Export
C
Services
D
Price
6) When we choose to satisfy one of our wants we must give up another want.
A
Opportunity Cost
B
Consumer Soverignty
C
Scarcity
D
Wants
7) Not being able to meet all wants at the same time
A
Service
B
Scarcity
C
Decision
D
Price
8) The science that studies making, giving out and using goods and servics.
A
Civics
B
Algebra
C
Economics
D
Art
9) People working to produce goods and services.
A
Consumer
B
Opportunity Cost
C
Human Resources
D
Capital Resources
10) Goods made by people and used to produce other goods and services.
A
Capital resources
B
Import
C
Consumer Soverginty
D
Choice
11) Which is NOT a basic question of economics?
A
Who will produce it?
B
For whom will it be produced?
C
What will be produced?
D
Why will it be produced?
12) Which is not a characteristic of free market economy?
A
Competition
B
Profit motive
C
Centrally planned
D
Individual choice
13) Which is not a characteristic of a command economy?
A
Centrally-planned economy
B
Lack of consumer choice
C
Central Ownership
D
Consumer Soverignty
14) Which one does not describe the US economy?
A
Centrally-planned
B
Competition
C
Consumer Soverignty
D
Private Property
15) What type of economy does the US have?
A
Free Market
B
Traditional
C
Command
D
Mixed
16) What economy blends aspects of Command and Free Market?
A
Traditional
B
Mixed
17) What economy does NOT encourage competition?
A
Free Market
B
Command
C
Mixed
18) What economy focuses on family?
A
Mixed
B
Command
C
Free Market
D
Traditional
19) What economy does not have private ownership of resources?
A
Free Market
B
Traditional
C
Command
D
Mixed
20) The ability for the buyers of a product to have control
A
Competition
B
Resource
C
Supply
D
Consumer Soverignty
*select an answer for all questions
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