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Basic Economics Quiz Flashcards | StudBud

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Basic Economics Quiz

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Questions 12

Answers

1
Making Products in a factory.
Minting
Manufacturing
Collecting
Consuming
2
The United States has a ______________ economy?
Traditional
Mixed
Command
Free Market
3
What is a mixed economy?
Capitalism with Federal guidance
Free Market with state guidance.
Capitalism and Free Markets.
Capitalism with no Federal guidance.
4
Tree’s, Water, Air, Land are all…
Working resources
Human Resources
Natural resources
Capital rescuers
5
Workers are…
Working resources
Human Resources
Natural resources
Capital rescuers
6
If the supply of goods is greater than demand, then….
Prices go up
Prices will fall
Opportunity cost created
Prices stay the same
7
The Gross Domestic Product (GDP) measure…
the value of economic activity within a country.
The value of how much food is produced per year.
The value of a corporation.
How much a person is worth.
8
When there is not enough of a good or service to meet all the demand, you have…
Surplus
Scarcity
Demand
Monopoly
9
People who buy goods and services are…
Chefs
Producers
Consumers
Bosses
10
What is the role of banks in economic development?
Fund food stamps.
Protects people from identify theft.
Banks borrow money from people.
Lends money to businesses + Save individuals money
11
An object that you can buy.
Producer
Good
Service
Consumer
12
A person who makes products
Consumer
Producer
Shopper
Servant