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Economics Unit Test
Economics Unit Test
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A review for the Economics Unit Test
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
The making of new goods or products from raw materials is called:
Infrastructure
Entrepreneurship
Agriculture
Manufacturing
2
The balance between the amount of goods available and the number of people who want to by them?
Gross Domestic Product
Purchasing Power
Per Capita
Supply and Demand
3
If a storm damaged a nations oil refineries how would it effect the price of oil?
Prices would stay the same
Prices would drop quickly
Prices would stay the same for awhile, then drop
Prices would rise
4
Which is an example of someone n the Secondary Economic sector?
Congress in Washington DC
An automobile factory
Baybrook Mall
A dairy farmer
5
The total amount of goods and services in a country is?
Gross Domestic Product
National Treasure
Per Capita Income
Means of Production
6
Which of these terms does NOT refer to the same system?
Market Economy
Traditional Economy
Free Enterprise
Capitalism
7
Which terms means the science of cultivating the land for crops and raising livestock?
manufacturing
labor
production
Agriculture
8
In a nation with a LOW HDI, what would you expect to find?
A lower life expectancy
A higher average income
Very low infant mortality
Most people go to collage
9
Which of the following is NOT one of the factors of production.
Labor
Entrepreneurship
Land
Foreign Trade
10
The factor of production for the money, factories, and infrastructure in a country is called?
Labor
Capital
Traditional
Entrepreneurship
11
Which is NOT one of the questions countries ask when deciding how to use their resources?
Where should we produce the goods?
What should be produced?
For WHOM should they be produced?
How should they be produced?
12
The term that describes unlimited wants and needs, but limited resources is?
means of production
capitalism
scarcity
purchasing power
13
Which sector of the economy do mining, forestry, and rubber plantations belong?
Capital
Secondary
Primary
Traditional
14
Which economic sector involves getting natural resources from the earth?
Secondary
Primary
Quaternary
Tertiary
15
What level of industry are carpenters, plumbers, electricians and welders on?
Quaternary
Tertiary
Primary
Secondary
16
Which of these statements is TRUE about a command economy?
Very little modern technology, most people farm
The government decides how many products to manufacture.
It is a free market that sets the price of goods.
Private people own all the factories
17
Which is a good example of an occupation found in a traditional economic system?
Cattle Herder
Hair Stylist
Dentist
Librarian
18
What is another name or the tertiary sector?
Growing Sector
Working Sector
Service sector
Research Sector
19
Term for creative people who are willing to take risk starting new businesses?
Indicator
Bravery
Free Enterprise
Entrepreneurship
20
China's economy is...
Traditional
Market
Mixed
Command
21
Which is the BEST example of a tertiary sector job?
Rancher
Lumberjack
Carpenter
Sales Clerk
22
Which is not used to calculate a country's HDI?
Life Expectancy
Education level
Average income (GDP Per capita)
The amount of taxes collected by the government
23
Which term describes all the roads, airports, water and sewage systems that connect a country?
Entrepreneurship
Infrastructure
Markets
Production
24
Which would you likely find in a country with a high HDI?
Low literacy rate and low infant maortality
Low literacy rate and life expectancy
High literacy rate and life expectancy
High literacy rate and high infant mortality
25
In which economic system do individuals make decisions?
Market
Traditional
Mixed
Command
