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Economics
Test Description: Basic economic terms
Instructions: Answer all questions to get your test result.
1) Production is based on customs and bartering; Usually has no currency.
A
Command Economy
B
Mixed Economy
C
Traditional Economy
D
Market Economy
2) The government controls a country's economy and all of the factors of production.
A
Traditional Economy
B
Command Economy
C
Mixed Economy
D
Market Economy
3) Trade and industry are controlled by private owners for profit.
A
Market Economy
B
Traditional Economy
C
Command Economy
D
Mixed Economy
4) Combination of private and public enterprise.
A
Mixed Economy
B
Market Economy
C
Command Economy
D
Traditional Economy
5) Amount of money earned before payroll taxes are deducted (removed).
A
Supply and Demand
B
Scarcity
C
Gross Income
D
Net Income
6) Amount of money earned after payroll taxes are deducted (removed).
A
Supply and Demand
B
Scarcity
C
Gross Income
D
Net Income
7) Which of the following terms is the closest synonym for a market economy?
A
Capitalism
B
Anarchy
C
Socialism
D
Communism
8) Which of the following forms of government is usually associated with a command economy?
A
Suffixism
B
Communism
C
Capitalism
D
Socialism
9) A system in which society owns and controls the means of production.
A
Capitalism
B
Suffixism
C
Socialism
D
Communism
10) Considered the founder of modern communism.
A
Adam Smith
B
Steven Van Etten
C
Karl Marx
D
Joshua Steedman
11) Considered the founder of modern capitalism.
A
Karl Marx
B
Adam Smith
C
Joshua Steedman
D
Steven Van Etten
12) The study of how how goods and services are produced, distributed, and consumed.
A
Scarcity
B
Exports
C
Economics
D
Gross Domestic Product
13) Goods purchased by consumers of a country that are produced in an other country.
A
Scarcity
B
Supply and Demand
C
Imports
D
Exports
14) The price of a good rises and falls depending on how many people want it (demand) and how much of the good is available (supply). Socialism
A
Exports
B
Imports
C
Scarcity
D
Supply and Demand
15) Goods produced in a country that are then sold in another country.
A
Scarcity
B
Imports
C
Supply and Demand
D
Exports
*select an answer for all questions
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