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Economics
Test Description: Economic Vocabulary
Instructions: Answer all questions to get your test result.
1) income
A
money saved
B
money spent
C
money shared
D
money earned
2) savings
A
money shared
B
money saved
C
money spent
D
money earned
3) expenditure
A
money shared
B
money earned
C
money spent
D
money saved
4) budget
A
a plan of how to use income and make spending and saving decisions.
B
a plan of how to use savings and make spending and saving decisions.
C
a plan of how to use the colors purple and blue and make spending and saving decisions.
D
a plan of how to use expenditures and make spending and saving decisions.
5) opportunity cost
A
the amount of opportunity given when you purchase something.
B
the value placed on what is gained when a decision is made.
C
the amount of money spent when you make an expenditure.
D
the value placed on whatever is lost when a decision is made.
6) price incentive
A
affects a tree's behavior and choices.
B
affects dog's behavior and choices.
C
affects people's behavior and choices.
D
affects martians behavior and choices..
7) specialization
A
the act of buying one good or one set of goods based on your ability.
B
the act of producing one good or one set of goods based on your efficiency.
C
the act of exchanging one good or one set of goods based on your efficiency.
D
the act of trading one good based on how much money you have in the bank.
8) voluntary exchange
A
allows the south to buy, but not the north.
B
allows sellers the freedom to search out goods or services they want and how much they want to spend on these items.
C
allows Ms. Zajac to buy whatever she wants.
D
allows buyers the freedom to search out goods or services they want and how much they want to spend on these items.
9) trade
A
the exchange of expenditures.
B
the exchange of money.
C
the exchange of goods.
D
the exchange of opportunity cost.
10) economic activity
A
the activity of economics.
B
the activity of exchanging goods.
C
the activity of making, providing, purchasing, or selling goods or services.
D
the activity of jumping over a good or service.
*select an answer for all questions
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