Economics Test Question Preview (ID: 42239)
Civ Class Econ Test.
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What do you call a country with a strong economy and easy access to education, healthcare, and vital goods and services?
a) More Developed
b) Third World
c) Least Developed
d) Less Developed
In what economic system do private citizens determine what to produce, how to produce it, and how to make it?
a) Market Economy
b) Traditional Economy
c) Command Economy
d) Mixed Economy
What is the general increase in prices over time called?
a) Inflation
b) Stagflation
c) Hyperinflation
d) Deflation
Which are ways that countries attempted to limit trade?
a) Quotas, Tarriffs, Embargo
b) Deficit
c) Make new products
d)
What is the total amount of payment received from a customer for a good or service?
a) Revenue
b) Profit
c) Cost
d) Deduction
What is a good which is produced domestically and sold in a foreign country? (Made here and sold in another country)
a) Export
b) Import
c)
d)
Which of the following are benefits of NAFTA?
a) Improved US economy, Decreased cost of Imports, Increased trade
b) Less pollution
c) companies moved to other countries to produce goods
d)
In what economic system does the government determine what to produce, how to produce it, and how to make it?
a) command economy
b) market economy
c) Mixed economy
d)
What is the calculation of the value in US Dollars of all the goods and services?
a) Gross Domestic Product
b) Export
c) Import
d) Human Development Index
The majority of the least developed countries can be found on which continent?
a) Africa
b) Asia
c) Europe
d) North America
What do you call the tools and equipment needed to create a good or service?
a) Capital Resources
b) Land Resources
c) Human Resources
d) Natural Resources
What is the total amount of goods and service available for purchase?
a) Supply
b) Demand
c) Consumer
d) Producer
What do you call someone who makes or provides a good or service for purchase?
a) Producer
b) Consumer
c) Supply
d) Demand
Why did Europeans claim colonies in the 1800's?
a) To have a place to get raw materials and sell products
b) To learn the language
c) To help educate other people
d) To gain access to the internet
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