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