Which answer choice BEST describes credit?

money loaned to a person to make purchases

What is a benefit of saving money in a bank?

Money in savings account earn interest

Which of the following BEST characterizes Australia's economic system?

It is a mixed economy with a relatively high gross domestic product.

The economy of Australia is....

a market economy, with elements of a command economy

What are the answers to the basic economic questions based on in a command economy?

the interests of the government

Which is an advantage a family gets from setting aside money for unplanned expenses as part of their budget?

It prevents them from going into debt to pay for unplanned expenses.

Bartering is a characteristics of traditional economies. What is bartering?

exchanging one good for another

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Social Studies Final Exam Review

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Questions 16

Answers

1
What type of economy did the Aboriginal Australians have?
a traditional economy
a pure command economy
a mixed economy
a pure market economy
2
Which answer choice BEST describes credit?
money loaned to a person to make purchases
money earned as income on a savings account
money set aside in case of emergencies
money received in exchange for labor
3
Which economy has the interests of the government
traditional
command
market
4
What is a benefit of saving money in a bank?
Money in savings accounts cannot be taxed
People with savings accounts have access to unlimited credit
Money in savings account earn interest
People with savings accounts have access to unlimited loans
5
Which of the following BEST characterizes Australia's economic system?
It is a mixed economy with a relatively low gross domestic product.
It is a command economy with a relatively low gross domestic product.
It is a mixed economy with a relatively high gross domestic product.
It is a command economy with a relatively high gross domestic product.
6
Credit card purchases usually must be paid in full within ______ or the purchaser will have to pay interest
30 days
365 days
120 days
7 days
7
What should be spent FIRST when receiving a paycheck?
an expensive meal
groceries and rent
books and games
gifts for family
8
The economy of Australia is....
close to a pure market economy
close to a pure command economy
a command economy, with elements of a market
a market economy, with elements of a command economy
9
What are the answers to the basic economic questions based on in a command economy?
the customs of older generations
the availability of trading partners
the interests of the government
the forces of supply and demand
10
What type of economy is the modern Australian economy?
a pure market economy
a traditional economy
a mixed economy
a pure command economy
11
Which economy has the customs of older generations
command
market
traditional
12
Which economy has the forces of supply and demand
command
traditional
market
13
Which is an advantage a family gets from setting aside money for unplanned expenses as part of their budget?
It provides extra money if they decide to take an unplanned vacation.
It prevents them from going into debt to pay for unplanned expenses.
It prevents them from bankruptcy over a car repair or visit to the vet.
It forces them to pay less for essentials, such as food and housing
14
Bartering is a characteristics of traditional economies. What is bartering?
producing only what is needed
exchanging one good for another
the regulation of trade by the government
the use of currency to purchase goods
15
Most countries have economic systems that can be described as...
pure market
traditional
mixed
pure command
16
People often use a ____ when they do not have enough money to pay for something at the time they purchase it.
check
money order
credit card
debit card

Social Studies Final Exam Review Flashcards | StudBud