Economics Test Review 22-23

Resources are distributed solely by custom and traditions.

Sarah makes bread with fresh ingredients and hired one employee. Which economic question is she answering?

Haiti has a low GDP per capita. Which scenario would be typical for a country with low GDP per capita?

Study of how people meet their wants and needs.

Which country would have the highest standard of living based on their GDP per capita?

Not having enough money to meet basic needs including food, clothing and shelter.

Level of comfort enjoyed by a person or society.

General increase in prices of goods and services.

Which type of economy incorporates a combination of the other 3 types.

Total value of all goods and services produced in a country in a year.

Economy in which people make economic decisions based on custom and habit.

The condition of being without a job.

Children in countries with low standards of living all have access to education.

When the economy of a country becomes less active.

The gross domestic product of a country divided by its population.

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In a command economy, economic decisions are made only by citizens.

The number of people that can read and write in an area.

Which is NOT one of the three economic questions?

Since the last question was false, which type of economy is fully controlled by citizens?

The average number of years a person can expect to live.

Lolly makes her product for axolotl owners. Which economic question is she answering?

Tommy is opening a car detail shop. Which economic question is he answering?

Typically, countries with higher standards of living have access to fresh water.

Economy that combines elements of traditional, market, and command economic systems

Economy in which individual consumers and producers make all economic decisions.

Economy in which the central government makes all economic decisions.