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

exchanging one good for another

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

the interests of the government

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

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

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.

Which answer choice BEST describes credit?

money loaned to a person to make purchases

The economy of Australia is....

a market economy, with elements of a command economy

What is a benefit of saving money in a bank?

Money in savings account earn interest

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Social Studies Final Exam Review

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Questions 16

Answers

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

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