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Pre Test Economics
Pre Test Economics
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Pre test for high school economics
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
In economics, law of demand means:
ability to buy a good
willingness and ability to buy a good
willingness and desire to buy a good
2
according to the law of supply as the price of a good increases
quantity supplied will decrease
quantity supplied will increase
quantity supplied stays the same
3
produced goods that can be used as resources for further production is known as
goods
capital
services
resources
4
profit shared amongst stock shareholders
royalty
bond
dividend
interest
5
which is true of government in centrally planned economy
makes all important economic decisions
encourages workers to innovate
encourages competition
builds every house in every village
6
an example of a secured loan is
student loan
personal loan
car loan
7
amount of the loss you pay before insurance company begins to reimburse you
dividend
premium
deductible
collision
8
If the number of buyers in the market increases, which of the following do we know will happen?
supply will increase
supply will decrease
demand will increase
demand will decrease
9
itemizes money earned by an employee and how much was withheld and sent to IRS
W-4 form
W--2 form
10
according to law of demand, as the price of a good increases
quantity demanded stays the same
quantity demanded decreases
quantity demanded increases
11
payment you make to an insurance company in exchange for its promise of protection and help
deductible
premium
collision
royalty
12
the longer the length of the loan
more expensive it will be in terms of interest
less expensive it will be in terms of interest
interest amount not affected by length of loan
13
resources used to make goods and services are called
factors of production
opportunity cost
gross national product
14
allows employer to withhold taxes from and employee's wages
W-2 form
W-4 form
15
people wanting to attend a baseball game told that ticket were sold out is example of
surplus
scarcity
shortage
