What is a trade surplus?

When a country exports more than it imports.

What did the word "economy" originally mean?

The management of household or private affairs?

In a command economy...

Everything is planned and regulated by the government.

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Economics Basics

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A quiz for #6th graders covering basic terminology in #Economics.

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Questions 16

Answers

1
What is it called when the United States buys a good and brings it home from other countries?
Importing
Exporting
Economics
Trading
2
What do we say when supply and demand are equal?
The economy is at equilibrium.
The supply is beneath demand.
The demand is under supply.
The economy is equadistant.
3
Which economy isn't interested in technological improvements?
Emerging
Traditional
Command
Market
4
What is a trade surplus?
When a country exports more than it imports.
When a country imports more than it exports.
When supply is greater than demand.
When supply and demand are equal.
5
Mrs. Contos is hiding a secret. What is it??
She's pregnant.
She's moving to California.
She's going back to school to become a full-time teacher.
She's moving back to Atlanta.
6
Growing inequality between the rich and the poor is a characteristic of which economy?
Command
Emerging
Market
Traditional
7
What is the "buying and selling of goods" called?
Economics
Exporting
Importing
Trade
8
What's another name for Emerging Economies?
Consumer Markets
Sprout-Up Markets
Mixed Markets
Traditional Economies
9
If the Apple store runs out of iPhones before everyone in the line buys one, the ____ is low.
interdependency
supply
demand
scalping
10
Little competition leading to low quality is a characteristic of which economy?
Command
Traditional
Emerging
Market
11
Long lines outside the Apple store may suggest there's a high _____ for the new iPhone.
demand
interdependancy
scalping problem
supply
12
When a country imports more than it exports we say there is a _____?
Market Economy
Trade Surplus
Command Economy
Trade Deficit
13
Besides supply, what's another factor that can affect demand?
price
scalping
how much consumers want the product
interdependency
14
What did the word "economy" originally mean?
The management of consumers and producers.
The management of money and services.
The management of household or private affairs?
The management of supply and demand.
15
"Economy" currently describes the system in which we exchange _______ within a society.
advantages, disadvantages, and benefits.
cars, trains, and ships.
goods, services, and money.
consumers, producers, and money.
16
In a command economy...
Supply and demand are equal.
Competition and quality of products are high.
Nothing is planned and regulated by the government.
Everything is planned and regulated by the government.

Economics Basics Flashcards | StudBud