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Econonmic Basics
Test Description: Economic Terminology
Instructions: Answer all questions to get your test result.
1) What is extraction of raw materials called? Examples are mining, fishing and agriculture.
A
secondary sector
B
primary sector
C
market economy
D
command economy
2) What is concerned with producing finished goods, e.g. factories making toys, cars, food, and clothes?
A
tertiary
B
secondary
C
developing economy
D
market economy
3) What is concerned with offering intangible goods and services to consumers? This includes retail, tourism, banking, entertainment and I.T. services.
A
Tertiary sector
B
Command economy
C
primary sector
D
GDP
4) What is the total market value of all final goods and services produced annually in an economy?
A
primary sector
B
secondary sector
C
GDP
D
tertiary sector
5) these make the decision of what to produce, price, and allocate in a market economy.
A
dictator
B
government
C
GDP
D
people
6) These make the decision of what to produce, price, and allocate in a command economy.
A
people
B
government
C
president
D
GDP
7) This is characterized by private ownership of the means of production (for example, farms and factories), and supply and demand are responsible for the price and allocation decisions.
A
mixed economy
B
market economy
C
command economy
D
developing economy
8) This is characterized by government (or central) control ownership of the means of production, and with a central authority setting prices of goods and services and for most allocation decisions.
A
mixed economy
B
command economy
C
developing economy
D
market economy
9) This is one which is not yet industrialized.
A
market economy
B
mixed economy
C
developing economy
D
command economy
10) What does GDP stand for?
A
Great Domain Product
B
Guess Domain Product
C
Greedy Domestic Product
D
Gross Domestic Product
*select an answer for all questions
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