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Economics Test
Test Description: Civ Class Econ test
Instructions: Answer all questions to get your test result.
1) What do you call a country with a strong economy and easy access to education, healthcare, and vital goods and services?
A
Least Developed
B
Third World
C
More Developed
D
Less Developed
2) In what economic system do private citizens determine what to produce, how to produce it, and how to make it?
A
Mixed Economy
B
Command Economy
C
Market Economy
D
Traditional Economy
3) What is the general increase in prices over time called?
A
Hyperinflation
B
Stagflation
C
Deflation
D
Inflation
4) Which are ways that countries attempted to limit trade?
A
Quotas, Tarriffs, Embargo
B
Make new products
C
Deficit
5) What is the total amount of payment received from a customer for a good or service?
A
Deduction
B
Cost
C
Profit
D
Revenue
6) What is a good which is produced domestically and sold in a foreign country? (Made here and sold in another country)
A
Export
B
Import
7) Which of the following are benefits of NAFTA?
A
Less pollution
B
Improved US economy, Decreased cost of Imports, Increased trade
C
companies moved to other countries to produce goods
8) In what economic system does the government determine what to produce, how to produce it, and how to make it?
A
command economy
B
market economy
C
Mixed economy
9) What is the calculation of the value in US Dollars of all the goods and services?
A
Import
B
Export
C
Human Development Index
D
Gross Domestic Product
10) The majority of the least developed countries can be found on which continent?
A
North America
B
Africa
C
Asia
D
Europe
11) What do you call the tools and equipment needed to create a good or service?
A
Natural Resources
B
Capital Resources
C
Human Resources
D
Land Resources
12) What is the total amount of goods and service available for purchase?
A
Consumer
B
Producer
C
Demand
D
Supply
13) What do you call someone who makes or provides a good or service for purchase?
A
Demand
B
Producer
C
Consumer
D
Supply
14) Why did Europeans claim colonies in the 1800's?
A
To have a place to get raw materials and sell products
B
To gain access to the internet
C
To learn the language
D
To help educate other people
*select an answer for all questions
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