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Economics Review
Economics Review
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8th Grade Economics Review for state testing
Flashcards
27 cards
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Practice quiz
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Questions
27
Answers
1
How much a producer is willing to make available at certain price
Goods
Supply
Services
Demand
2
What is the fee charged by a bank to borrow money?
deposit
interest
savings
loan
3
What you give up in order to do something else is called...
economics
opportunity cost
tough luck
a choice
4
Scarcity means __________________.
too many goods and services
high prices
limited supply, not enough
none of the above
5
What government agency regulates the interest rate?
The IRS
The Republican Party
The Federal Reserve
The President
6
What is a basic economic question that all economic systems answer?
For whom will it be produced?
Who will produce it?
All of the above
What will be produced?
7
Most people are __________________, those who work to provide goods.
economists
citizens
consumers
producers
8
This sales advertisement may change your behavior. Therefore it is an example of an _________.
scarcity
incentive
production
opportunity cost
9
Which is NOT a type of economic system?
Mixed Economy
Command Economy
Free Market Economy
Booming Economy
10
A _________________ is someone who uses goods.
producer
citizen
economist
consumer
11
How do banks make money?
produce money
ATM Machines
interest collected on loans
consumers
12
What is the main basic economic problem?
money
scarcity
government
time
13
How much of an item a customer is willing to purchase at a certain price
Demand
Supply
Goods
Services
14
A __________________ is the human desire to have and use a certain good.
need
want
inflation
none of the above
15
In which economy would consumers have choice and business owners own private property?
Free Market Economy
Command Economy
Traditional Economy
Mixed Economy
16
Doing work for someone in exchange for payment
Supply
Goods
Demand
Service
17
Computer is which type of resource?
capital
extraterrestrial
human
natural
18
Teacher is an example of which type of resource?
human
natural
extraterrestrial
capital
19
Water and wind are examples of which type of resource?
capital
human
natural
global warming
20
__________consists of earnings after all expenses have been paid.
Takis
profit
production
incentive
21
What is economics?
the study of money, resources, and choices
the study of politics
the study of Earth's land and how that impacts our life
the study of the past and how that influences our lives
22
The United States is which economic system?
Traditional Economy
Command Economy
Free Market Economy
Mixed Economy
23
In which economy do people make decisions based on historical patterns?
Free Market Economy
Command Economy
Traditional Economy
Mixed Economy
24
What is a necessity or something you would find difficult to do without?
need
none of the above
inflation
want
25
If I choose Pringles over Takis, Takis would be the _____________________.
production
incentive
opportunity cost
consumer
26
Which type of economy would you find in a communist government?
Command Economy
Traditional Economy
Free Market Economy
Mixed Economy
27
Who is a competitor of McDonald's?
Burger King
Applebee's
Friday's
Kohl's
