Unit One- Economics Question Preview (ID: 20365)


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Things that are made are called _____________________.
a) economics
b) services
c) goods
d) symbols

A system where people make, consume, and exchange goods is called ______________________.
a) economics
b) production
c) consumption
d) service

When a person buys a product, they become a ____________________.
a) exporter
b) producer
c) supplier
d) consumer

Which person performs a service?
a) a fireman
b) a doctor
c) a fireman and a doctor
d) farmer

Which is an example of a good?
a) shoe
b) candy
c) i-pad
d) all of the answers given

What is the economy in which consumers help determine what is to be produced, distributed, and consumed by buying or not buying certain goods and services?
a) command
b) traditional
c) market
d) mixed

What is the kind of economy in which the central government owns most of the industries that makes most of the economic decisions?
a) command
b) traditional
c) market
d) mixed

What is the kind of economy where elder decide about the exchange of goods or services based on custom and tradition?
a) command
b) traditional
c) market
d) mixed

Goods sold to other countries are called _____________________________.
a) mixed trade
b) tariff
c) imports
d) exports

Goods purchased from other countries are called ____________________.
a) mixed trade
b) tariff
c) imports
d) exports

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