Economics Basics Question Preview (ID: 30728)

Chiefly A Vocabulary Test.[print questions]

An increase in GDP could reflect a government having invested in:
a) Human Capital
b) Capital Goods
c) Military weapons
d) Soccer franchises

Increased worker productivity equals:
a) Fewer Goods and Services produced
b) More Goods and Services produced
c) More entrepreneurship
d) Increased specialization

Which of these best describe a mixed economy?
a) Prices and wages are solely regulated by a country’s government.
b) A country’s distribution of resources is based on inheritance.
c) A combination of privately-owned industry and government control.
d) Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.

An increase in a nation's GDP would reflect an increase in:
a) Military build-up and weapons acquisition
b) Average annual temperature
c) Worker productivity
d) Newly elected leadership in government

A 7th grade class decides to open a popcorn stand. The stand and the popcorn popper are examples of which factor of production?
a) Natural Resources
b) Human Resources
c) Stock Resources
d) Capital Resources

Which of these best describes a Market economy?
a) A person can start any legal business and charge any price.
b) The government provides food and housing to all workers.
c) The government provides services, such as telephones and television.
d) National businesses, such as airlines, are owned by the government

Why do most countries have a mixed economy?
a) Because most governments are unwilling to leave a Pure Market economy alone
b) Most countries do not have a mixed economy
c) Market is best for growing your economy, but the consumers need protection from fraud.
d) Because natural resources are unequally distributed

Most countries have a _____________ Economy
a) Traditional
b) Command
c) Market
d) Mixed

All societies must answer the 3 basic economic questions. Which are:
a) When to produce, where to produce, and for what purpose to produce?
b) What to produce, how to produce, and for whom to produce?
c) Whether to produce, which resource to use, and to export goods or not?
d) What to eat, when to eat, and where to eat?

What is a tariff?
a) a limit on imported goods from a certain country
b) a tax on imports
c) a refusal to trade with countries in a specific region

Education, training, and healthcare (doctors, clinics, medicines)
a) Human Capital
b) Capital Goods
c) Capitol city
d) Stock Capital

A communist country with heavy government control likely has which type of economic system?
a) Traditional
b) Command
c) Market
d) German

Economic Systems where buyers and sellers decide on prices of goods and services.
a) Traditional
b) Command
c) French
d) Market

GDP, Gross Domestic Product, is a measure of an economy's:
a) Growth from year to year
b) Government involvement level
c) Strengths and weaknesses
d) Trade with other nations

Economic System in which 'the way we've always done it' is the answer to the questions, what, how, and for whom to produce.
a) Market
b) Traditional
c) Command
d) Venetian

Economic System where competition and advertising are found.
a) Traditional Economy
b) Command Economy
c) Martian Economy
d) Market Economy

Timber, Oil, Cotton - are all examples of:
a) Human Resources
b) Natural Resources
c) Capital Resources
d) Trade Barriers

Trade barrier that limits the amount of imports from some country.
a) Tariff
b) Embargo
c) Quota
d) Specialization

Economic System in which the government answers the basic questions of what, how and for whom to produce.
a) Command Economy
b) Market Economy
c) Traditional Economy
d) Slumping Economy

Next generation technology, including advanced robotics is part of:
a) Human Capital
b) Command Economy
c) Human Resources
d) Capital Resources

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