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Personal Economics Test 1
Personal Economics Test 1
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Questions
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Answers
1
Cuba is what type of Economy
Authoritarian Ssocialism
Democratic Socialism
Communism
Capitalism
2
Economic Rivalry
long term debt
short term debt
Competition
Discount
3
Who decides what to make in a Command Economy?
Businesses
Citizens
Government
4
Sweden is Authoritarian Socialism.
False
True
5
What is Not an Economic System?
Normal
Command
Mixed
Market
6
What is barter?
Using money and items to purchase something
Buying something
To negotiate a price
Exchanging one set of goods for another set of goods
7
What is not an Economic Incentive?
greater unemploymentThis is a correct answer
lower taxes
lower pricesThis is a wrong answer
better selectionThis is a wrong answer
8
What is self-interest?
selling something for profit
Wanting some-thing
fullfilling your own wants and needs
Liking what someone else has
9
What refers to an individuals economic well being?
Economic level of living
finacial security
standard of living
Income level
10
Studing why individuals make the economic choices they do is__________________.
macroeconomics
positive economics
normative economics
microeconomics
11
When a company decides to produce a high cost car they a answering the ________________ question.
when
for whom
how
where
12
Who are free to open business
Other Businesses
All the above
Investors
Consumers
13
What means using the smallest amount of resources to maximize the greatest amount of output
Efficiency
Value
Cost of Production
Opportunity cost
14
Japan has what type of economy?
Autoritarian Sosialism
Market
Democratic Socialism
Capitalistic
15
Define opertunity cost?
the accounting cost minus the marginal benefit
the highest-valued alternative forgone
the monetary costs of an activity
the accounting cost minus the marginal cost
16
The best definition of Economics is the study of how people, businesses, government and societies
make choices to cope with scarcity
attain wealth
choose abundance over scarcity
use their infinite resources
17
Something owned by a individual or business is what?
non-taxable
Government property
Private property
18
What are; Natural resources, Human resources, Capital resources, Entrepreneurship?
Resources
Goods or Services
Items required to form a business
Four Factors of Production
19
What country ia a Democratic Socialism
South Korea
Sweden
Russia
India
20
When you can provide all of your own wants
Value
Opportunity Cost
Interdependence
Self-sufficiency
21
What is the term used to decide to describe the next best choice?
opportunity cost
accounting cost
substitution cost
utility cost
22
Define Standard of Living
are not the same from group to group
peoples economic well-being
increase the amount of goods
23
Who is able to decide how to spend their income
Governement
Investors
private citizens
Businesses
24
Which country is an Authoritarian Socialism
North Korea
Great Britian
Japan
Hungary
25
Define allocate
To not have enough
Having more than needed
Having all that is needed
To distribute limited resources
26
How does a traditionsl Economic system work?
Government makes decisions
Groups determine outcome
Father to son
27
An increase in goods and services
economic demand
raising the standards
lowering sandards
ecconomic growth
28
When a manufacture makes more telivisions than computer monitors they are answering the _______________ question.
where
what
when
for whom
29
In a pure market Economy who answers three economic questions?
Citizens
Government
Businesses
