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Economics III
Test Description: Terms
Instructions: Answer all questions to get your test result.
1) Parts of a product built to a standard size to easily be replaced
A
intermission
B
particles
C
interchange
D
interchangeable parts
2) A person who buys, sells, and trades goods for a profit
A
consumer
B
producer
C
merchant
D
missionary
3) The value of the second best choice between two choices
A
material costs
B
productin costs
C
opportunity costs
D
wages
4) The money made on goods that exceeds the cost
A
expense
B
wage
C
profit
D
advertisement
5) The person who owns a business
A
employee
B
consumer
C
customer
D
proprietor
6) The shortage of goods and services
A
demand
B
supply
C
surplus
D
scarity
7) The amount of an item in inventory
A
tax
B
surplus
C
deficit
D
stock
8) Another word for tax
A
budget
B
tariff
C
boycott
D
investment
9) Money paid to the government
A
barter
B
cost
C
tax
D
boycott
10) When imports exceed exports
A
trade barrier
B
trade surplus
C
trade deficit
D
trianglular trade
*select an answer for all questions
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