Economics Question Preview (ID: 56402)


Basic Economic Terms. TEACHERS: click here for quick copy question ID numbers.

Considered the founder of modern communism.
a) Karl Marx
b) Steven Van Etten
c) Joshua Steedman
d) Adam Smith

A system in which society owns and controls the means of production.
a) Communism
b) Socialism
c) Capitalism
d) Suffixism

Which of the following forms of government is usually associated with a command economy?
a) Communism
b) Socialism
c) Capitalism
d) Suffixism

Which of the following terms is the closest synonym for a market economy?
a) Communism
b) Socialism
c) Capitalism
d) Anarchy

Amount of money earned after payroll taxes are deducted (removed).
a) Gross Income
b) Net Income
c) Supply and Demand
d) Scarcity

Amount of money earned before payroll taxes are deducted (removed).
a) Gross Income
b) Net Income
c) Supply and Demand
d) Scarcity

Combination of private and public enterprise.
a) Mixed Economy
b) Market Economy
c) Command Economy
d) Traditional Economy

Trade and industry are controlled by private owners for profit.
a) Market Economy
b) Traditional Economy
c) Command Economy
d) Mixed Economy

The government controls a country's economy and all of the factors of production.
a) Command Economy
b) Traditional Economy
c) Market Economy
d) Mixed Economy

Production is based on customs and bartering; Usually has no currency.
a) Traditional Economy
b) Command Economy
c) Market Economy
d) Mixed Economy

Considered the founder of modern capitalism.
a) Karl Marx
b) Steven Van Etten
c) Joshua Steedman
d) Adam Smith

The study of how how goods and services are produced, distributed, and consumed.
a) Economics
b) Gross Domestic Product
c) Scarcity
d) Exports

Goods purchased by consumers of a country that are produced in an other country.
a) Imports
b) Exports
c) Scarcity
d) Supply and Demand

The price of a good rises and falls depending on how many people want it (demand) and how much of the good is available (supply). Socialism
a) Imports
b) Exports
c) Scarcity
d) Supply and Demand

Goods produced in a country that are then sold in another country.
a) Imports
b) Exports
c) Scarcity
d) Supply and Demand

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