Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Economic Vocab
Test Description: Economic Vocabulary
Instructions: Answer all questions to get your test result.
1) _________ is a system of producing, selling, and buying goods and services
A
Economy
B
Opportunity cost
C
Profit
D
Scarcity
2) When there are not enough resources to meet people's wants is called?
A
Opportunity cost
B
Factors of Production
C
Scarcity
D
Economy
3) The value of the thing you give up in the tradeoff is callled?
A
Opportunity cost
B
Factors of Production
C
Profit
D
Scarcity
4) What is the money and individual or business has left after paying taxes?
A
Factors of production
B
Income
C
Profit
D
Contraction
5) Workers sell their labor in exchange for payment, called?
A
Expansion
B
Economic Interdependence
C
Income
D
Contraction
6) The work that people do is based on long-established customs, is known as?
A
Traditional economy
B
Command economy
C
Market economy
D
Mixed economies
7) When the government controls the economy, it is known as?
A
Mixed economy
B
Market economy
C
Command economy
D
Traditional economy
8) When the economy is based on private ownership, free trade, and competition, it is called
A
Market economy
B
Mixed economy
C
Command economy
D
Traditional economy
9) Most countries have a ______________ , which combine elements of traditional, market, and command economic systems.
A
Command economy
B
Traditional economy
C
Mixed economy
D
Market economy
10) Government goods and services that the public consumes are called?
A
Public goods
B
Service industries
C
Retail industries
D
Wholesale industries
11) Businesses that sell goods and products to other businesses is called?
A
Agricultural industries
B
Retail industries
C
Service industries
D
Wholesale industries
12) What represents the value of all goods and services produced within a country by anyone, including non-citizens, in a year?
A
Manufacturing industries
B
Service industries
C
Gross domestic product (GDP)
D
Developed countries
13) Many of the world's wealthiest and most power nations are ______________, wit hstrong economies and a high quality of life.
A
Developed countries
B
Gross domestic product (GDP)
C
Developing countries
D
Barter
14) The amount of interest paid is determined by the ________, which is usually a percentage of the total amount of money in the customer's account.
A
Store of value
B
Assets
C
Medium of exchange
D
Interest rate
15) ___________ is income not spent on immediate wants.
A
Savings
B
Investments
C
Assets
D
Globalization
16) __________ is the use of money today in a way that earns future benefits.
A
Investment
B
Savings
C
Globalization
D
Assets
17) The process in which countries are increasingly liked to each other through culture and trade is called?
A
Trade barrier
B
Free trade
C
Globalization
D
Popular culture
18) A _______ is any law that limits free trade between nations.
A
Trade barrier
B
Free trade
C
Investments
D
Assets
19) ______ removes trade barriers between nations.
A
Globalization
B
Trade barriers
C
Free trade
D
Assets
20) Savings and investments are good ways to gain ______.
A
Globalization
B
Trade barrier
C
Assets
D
Free trade
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?