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Economics Key Words #11-20
Test Description: Economic Key Word Review
Instructions: Answer all questions to get your test result.
1) a measure of the decrease in value of an assset over time
A
investment
B
depreciation
C
productivity
D
Geographically immobile
2) output per worker hour
A
equilibrium
B
depreciation
C
productivity
D
investment
3) the next best alternative forgone
A
opportunity cost
B
economic good
C
productivity
D
production possibility
4) a product which requires resources to produce it and therefore has an opportunity cost
A
supply
B
economic good
C
free good
D
productivity
5) a product which does not require resources to produce it, and therefore has no opportunity cost
A
normal good
B
luxury good
C
economic good
D
free good
6) a curve that shows the maximum output of two types of products and combination of those products that can be produced
A
production possibility curve
B
extension in supply
C
production possibility line
D
extension in demand
7) an economy where the government makes the crucial decsions, land and capital are state-owned and resources are allocated by directives
A
planned economy
B
market economy
C
set economy
D
mixed economy
8) an economy where consumers determine what is produced, resources are allocated by the price mechanism; land and capital are privately owned
A
market economy
B
free economy
C
mixed economy
D
planned economy
9) an economy in which both private and public sectors play an important role
A
market economy
B
blended economy
C
mixed economy
D
planned economy
10) the willingness and ability to buy a product
A
demand
B
productivity
C
supply
D
depreciation
*select an answer for all questions
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