Module 1: Economics Test

A store sells their game for $299, but across the street it is sold for $250. They reduce their price to $249.

Toyota is a Japanese car manufacturer in the US. If they sell a car to a visitor from Italy, who records the GDP?

In economics, what is equilibrium?

Which of the following is an example of a public good?

In economics, why must consumers, businesses, and governments make choices?

What are things required for survival?

Which of the following would NOT be associated with the study of global economics?

In a command economy, who owns the factors of production?

What is the philosophy that the government should not interfere in the marketplace?

You work and get paid. Then you go to the store to buy a new video game. What type of economy are you participating in?

Which of the following statements best summarizes the reason for economics?

Which defines a market economy?

Which BEST describes the calculation of GDP?

Which of the following are included in the business cycle?

Which of the following does NOT describe an economic system?

More companies make information on job listings easily available on the Internet and minimum wage is decreased.

You fish and hunt animals. The food caught is divided among the village. This represents which type of economy?

Which of the following would NOT lead to economic growth?

What is inflation?

A mixed economy combines which economic systems?

The government runs activities such as healthcare, libraries, but citizens and businesses control all other activities

What is the amount of a good or service that businesses have available to sell?

Your friend obtains another degree. After he graduates, he is only able to find part-time work. While working he is ____

Which of the following will probably cause prices to decrease?

When demand for a product increases, the price of that product will tend to ____.

Why does the market system fail to produce public goods?

A country grows grapes to produce wine/wheat to produce bread, the costs of which of the following are counted in GDP?