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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
Scarcity
B
Profit
C
Opportunity cost
D
Economy
2) When there are not enough resources to meet people's wants is called?
A
Scarcity
B
Economy
C
Factors of Production
D
Opportunity cost
3) The value of the thing you give up in the tradeoff is callled?
A
Factors of Production
B
Profit
C
Opportunity cost
D
Scarcity
4) What is the money and individual or business has left after paying taxes?
A
Factors of production
B
Profit
C
Income
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
Mixed economies
B
Command economy
C
Market economy
D
Traditional economy
7) When the government controls the economy, it is known as?
A
Command economy
B
Traditional economy
C
Market economy
D
Mixed economy
8) When the economy is based on private ownership, free trade, and competition, it is called
A
Mixed economy
B
Market economy
C
Traditional economy
D
Command economy
9) Most countries have a ______________ , which combine elements of traditional, market, and command economic systems.
A
Mixed economy
B
Command economy
C
Market economy
D
Traditional economy
10) Government goods and services that the public consumes are called?
A
Retail industries
B
Public goods
C
Service industries
D
Wholesale industries
11) Businesses that sell goods and products to other businesses is called?
A
Retail industries
B
Wholesale industries
C
Agricultural industries
D
Service industries
12) What represents the value of all goods and services produced within a country by anyone, including non-citizens, in a year?
A
Gross domestic product (GDP)
B
Developed countries
C
Service industries
D
Manufacturing industries
13) Many of the world's wealthiest and most power nations are ______________, wit hstrong economies and a high quality of life.
A
Developing countries
B
Developed countries
C
Barter
D
Gross domestic product (GDP)
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
Medium of exchange
B
Store of value
C
Assets
D
Interest rate
15) ___________ is income not spent on immediate wants.
A
Assets
B
Savings
C
Globalization
D
Investments
16) __________ is the use of money today in a way that earns future benefits.
A
Globalization
B
Assets
C
Savings
D
Investment
17) The process in which countries are increasingly liked to each other through culture and trade is called?
A
Globalization
B
Popular culture
C
Free trade
D
Trade barrier
18) A _______ is any law that limits free trade between nations.
A
Investments
B
Assets
C
Trade barrier
D
Free trade
19) ______ removes trade barriers between nations.
A
Assets
B
Free trade
C
Trade barriers
D
Globalization
20) Savings and investments are good ways to gain ______.
A
Free trade
B
Assets
C
Globalization
D
Trade barrier
*select an answer for all questions
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