What is a trade surplus?

When a country exports more than it imports.

In a command economy...

Everything is planned and regulated by the government.

What did the word "economy" originally mean?

The management of household or private affairs?

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Economics Basics

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A quiz for #8th graders covering basic terminology in #Economics.

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Questions 16

Answers

1
What is a trade surplus?
When supply and demand are equal.
When supply is greater than demand.
When a country exports more than it imports.
When a country imports more than it exports.
2
Little competition leading to low quality is a characteristic of which economy?
Traditional
Emerging
Command
Market
3
Which economy isn't interested in technological improvements?
Market
Command
Traditional
Emerging
4
"Economy" currently describes the system in which we exchange _______ within a society.
advantages, disadvantages, and benefits.
goods, services, and money.
cars, trains, and ships.
consumers, producers, and money.
5
Long lines outside the Apple store may suggest there's a high _____ for the new iPhone.
supply
interdependancy
scalping problem
demand
6
Mrs. Contos is hiding a secret. What is it??
She's moving back to Atlanta.
She's going back to school to become a full-time teacher.
She's moving to California.
She's pregnant.
7
Growing inequality between the rich and the poor is a characteristic of which economy?
Command
Emerging
Traditional
Market
8
Besides supply, what's another factor that can affect demand?
price
how much consumers want the product
scalping
interdependency
9
If the Apple store runs out of iPhones before everyone in the line buys one, the ____ is low.
scalping
supply
demand
interdependency
10
In a command economy...
Nothing is planned and regulated by the government.
Everything is planned and regulated by the government.
Supply and demand are equal.
Competition and quality of products are high.
11
What is it called when the United States buys a good and brings it home from other countries?
Trading
Exporting
Importing
Economics
12
What did the word "economy" originally mean?
The management of supply and demand.
The management of money and services.
The management of consumers and producers.
The management of household or private affairs?
13
When a country imports more than it exports we say there is a _____?
Market Economy
Trade Surplus
Trade Deficit
Command Economy
14
What's another name for Emerging Economies?
Traditional Economies
Consumer Markets
Mixed Markets
Sprout-Up Markets
15
What do we say when supply and demand are equal?
The economy is equadistant.
The demand is under supply.
The supply is beneath demand.
The economy is at equilibrium.
16
What is the "buying and selling of goods" called?
Trade
Importing
Economics
Exporting

Economics Basics Flashcards | StudBud