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Economic Systems Vocabulary
Test Description: Use this to help you review your vocabulary
Instructions: Answer all questions to get your test result.
1) Items that can be seen and touched.
A
Barter
B
Goods
C
Services
D
Quota
2) Actions provided by other people.
A
Barter
B
Goods
C
Quota
D
Services
3) Ability to make economic decisions without interference from the government.
A
Economic Security
B
Economic Equity
C
Economic Efficiency
D
Economic Freedom
4) Making the most of society's resources.
A
Economic Freedom
B
Economic Efficiency
C
Economic Stability
D
Economic Security
5) Seeking to give everyone their share of society's wealth.
A
Economic Freedom
B
Economic Efficiency
C
Economic Equity
D
Economic Stability
6) Providing the less fortunate with support they need.
A
Economic Equity
B
Economic Stability
C
Economic Freedom
D
Economic Security
7) A condition in which the goods and services people rely on are available when they want them.
A
Economic Equity
B
Economic Stability
C
Economic Freedom
D
Economic Security
8) When an economy produces more and better goods and services.
A
Economic Decline
B
Economic Stability
C
Economic Growth
D
Economic Equity
9) A method a country uses for production and distribution and consumption.
A
Economic Growth
B
Economic Freedom
C
Economic Stability
D
Economic System
10) A system that relies on customs, history, and time-honored beliefs.
A
Capitalist Market Economy
B
Socialist Mixed Economy
C
Traditional Economy
D
Communist Command Economy
11) A system where individuals own and control all means of production
A
Capitalist Market Economy
B
Socialist Mixed Economy
C
Traditional Economy
D
Communist Command Economy
12) A system where the government determines what to make, sell and the prices.
A
Communist Command Economy
B
Socialist Mixed Economy
C
Traditional Economy
D
Capitalist Market Economy
13) A system where individuals can control production privately or by the government.
A
Communist Command Economy
B
Socialist Mixed Economy
C
Traditional Economy
D
Capitalist Market Economy
14) A minimum required quantity of a product.
A
Subsidy
B
Standard
C
Tariffs
D
Quota
15) Government payment to encourage or protect a certain economic activity.
A
Quota
B
Subsidy
C
Standard
D
Tariffs
16) A Country has the ability to produce more and better goods and services which leads to an improved standard of living. Their main economic goal is…
A
Economic Growth
B
Economic Stability
C
Economic Security
D
Economic Freedom
17) Taxes on imported products.
A
Subsidy
B
Tariffs
C
Standard
D
Quota
18) A country wants to provide the less fortunate with the support they need to live decently. Their main economic goal is…
A
Economic Security
B
Economic Growth
C
Economic Efficiency
D
Economic Equity
19) A wants to make their own economic decisions without interference from the government. Their main economic goal is…
A
Economic Freedom
B
Economic Stability
C
Economic Security
D
Economic Equity
20) A country wants to make the most of its resources. Their main economic goal is…
A
Economic Security
B
Economic Growth
C
Economic Freedom
D
Economic Efficiency
*select an answer for all questions
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