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Economics
Test Description: Economics Vocabulary
Instructions: Answer all questions to get your test result.
1) How many goods or services can a business make during a certain time
A
Business Productivity
B
Spending
C
Saving
D
Budget
2) Plan that helps you decide how to spend or save money
A
Spending
B
Budget
C
Buy
D
Standard of Living
3) How good a person's quality of life is
A
Saving
B
Standard of Living
C
Business Productivity
D
Budget
4) Put money aside to use another time
A
Standard of Living
B
Business Productivity
C
Saving
D
Budget
5) When a person chooses to focus on one special product
A
Budget
B
Specialization
C
Standard of Living
D
Price Incentives
6) Using money to buy goods or services
A
Budget
B
Standard of Living
C
Saving
D
Spending
7) Something given to encourage a desired action
A
Price Incentives
B
Budget
C
Voluntary Exchange
D
Voluntary Exchange
8) Ways technology improves the quality of life
A
Technological Advancement
B
Voluntary Exchange
C
Saving
D
Price Incentives
9) Give up because you choose to do or buy something else
A
Technological Advancement
B
Price Incentives
C
Opportunity Cost
D
Saving
10) Choose to trade one item for another
A
Technological Advancement
B
Voluntary Exchange
C
Opportunity Cost
D
Price Incentives
*select an answer for all questions
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