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Economics Basics
Test Description: Chiefly a vocabulary test
Instructions: Answer all questions to get your test result.
1) Economic System in which the government answers the basic questions of what, how and for whom to produce.
A
Traditional Economy
B
Market Economy
C
Slumping Economy
D
Command Economy
2) Trade barrier that limits the amount of imports from some country.
A
Embargo
B
Tariff
C
Quota
D
Specialization
3) Timber, Oil, Cotton - are all examples of:
A
Natural Resources
B
Trade Barriers
C
Human Resources
D
Capital Resources
4) Economic System where competition and advertising are found.
A
Traditional Economy
B
Martian Economy
C
Market Economy
D
Command Economy
5) GDP, Gross Domestic Product, is a measure of an economy's:
A
Strengths and weaknesses
B
Growth from year to year
C
Government involvement level
D
Trade with other nations
6) Economic System in which 'the way we've always done it' is the answer to the questions, what, how, and for whom to produce.
A
Venetian
B
Traditional
C
Command
D
Market
7) Education, training, and healthcare (doctors, clinics, medicines)
A
Capitol city
B
Stock Capital
C
Human Capital
D
Capital Goods
8) Economic Systems where buyers and sellers decide on prices of goods and services.
A
French
B
Traditional
C
Command
D
Market
9) A communist country with heavy government control likely has which type of economic system?
A
Command
B
German
C
Market
D
Traditional
10) Most countries have a _____________ Economy
A
Traditional
B
Market
C
Mixed
D
Command
11) All societies must answer the 3 basic economic questions. Which are:
A
Whether to produce, which resource to use, and to export goods or not?
B
When to produce, where to produce, and for what purpose to produce?
C
What to eat, when to eat, and where to eat?
D
What to produce, how to produce, and for whom to produce?
12) Why do most countries have a mixed economy?
A
Because most governments are unwilling to leave a Pure Market economy alone
B
Market is best for growing your economy, but the consumers need protection from fraud.
C
Most countries do not have a mixed economy
D
Because natural resources are unequally distributed
13) What is a tariff?
A
a tax on imports
B
a refusal to trade with countries in a specific region
C
a limit on imported goods from a certain country
14) A 7th grade class decides to open a popcorn stand. The stand and the popcorn popper are examples of which factor of production?
A
Stock Resources
B
Capital Resources
C
Natural Resources
D
Human Resources
15) Which of these best describes a Market economy?
A
The government provides food and housing to all workers.
B
National businesses, such as airlines, are owned by the government
C
A person can start any legal business and charge any price.
D
The government provides services, such as telephones and television.
16) Which of these best describe a mixed economy?
A
A country’s distribution of resources is based on inheritance.
B
A combination of privately-owned industry and government control.
C
Prices and wages are solely regulated by a country’s government.
D
Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.
17) An increase in a nation's GDP would reflect an increase in:
A
Newly elected leadership in government
B
Average annual temperature
C
Worker productivity
D
Military build-up and weapons acquisition
18) Increased worker productivity equals:
A
Fewer Goods and Services produced
B
More Goods and Services produced
C
Increased specialization
D
More entrepreneurship
19) An increase in GDP could reflect a government having invested in:
A
Capital Goods
B
Military weapons
C
Human Capital
D
Soccer franchises
20) Next generation technology, including advanced robotics is part of:
A
Human Resources
B
Human Capital
C
Command Economy
D
Capital Resources
*select an answer for all questions
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