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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
particles
B
interchangeable parts
C
interchange
D
intermission
2) A person who buys, sells, and trades goods for a profit
A
consumer
B
merchant
C
missionary
D
producer
3) The value of the second best choice between two choices
A
opportunity costs
B
productin costs
C
wages
D
material costs
4) The money made on goods that exceeds the cost
A
expense
B
profit
C
wage
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
scarity
B
surplus
C
demand
D
supply
7) The amount of an item in inventory
A
deficit
B
stock
C
tax
D
surplus
8) Another word for tax
A
investment
B
boycott
C
tariff
D
budget
9) Money paid to the government
A
boycott
B
cost
C
barter
D
tax
10) When imports exceed exports
A
trade deficit
B
trade barrier
C
trianglular trade
D
trade surplus
*select an answer for all questions
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