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