Economics Test Review 22-23

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

Level of comfort enjoyed by a person or society.

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

General increase in prices of goods and services.

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

When the economy of a country becomes less active.

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

Which is NOT one of the three economic questions?

Study of how people meet their wants and needs.

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

Economy in which the central government makes all economic decisions.

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

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

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

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

Resources are distributed solely by custom and traditions.

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

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

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

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

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

The condition of being without a job.

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

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

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

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

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