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Economics Challenge
North Korea has a.........
Market beliefs are based on...
Economics Challenge
20 terms
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StudBud Administration
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209 plays
How much econ do you know?
Flashcards
20 cards
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Questions
20
Answers
1
Market beliefs are based on...
Capitalism
Socialism
Communism
Theocracy
2
North Korea has a.........
Command economic system
Market economic system
Traditional economic system
Mixed economic system
3
What unit goes on the "x" axis of a supply and demand economic graph?
Demand
Quantity
Equilibrium
Price
4
All the goods and services produced in a country in a given year is......?
GPS
GIS
GDP
GNP
5
What does barter mean?
To trade with money
To trade without money
To exchange
To trade
6
A sum of money that is expected to be paid back with interest over a period of time is called a
Investing
Interest
Deposit
Loan
7
An economy is a system for producing, ____________, and consuming goods and services.
bonding
distributing
exchanging
trading
8
Sony stock costs $100 per share. I buy $450 worth of Sony stock. How many shares do I own now?
4.5 shares
3 shares
2 shares
2.5 shares
9
What is a sanction?
Greater economic cooperation
Withdrawal of trade for political reasons (fees created)
A tax on an imported good
Ban on trade
10
Traditional economic systems are mostly found in...?
Markets and stock markets
Poor and rich areas
Remote and rural areas
Urban and rural areas
11
Wall Street is found in what city?
New York
Chicago
San Francisco
Denver
12
If all Americans saved more money the economy of the U.S. would be stronger.
False
True
13
Machinery
Land resource
Entrepreneur
Capital resource
Labor resource
14
Amazon vs. Best Buy
- best economic vocabulary term to describe the bold pair of words?
Demand
Competition
Supply
Specialization
15
Command economic systems oftentimes are based on .....?
Market beliefs
Capitalistic beliefs
Communists beliefs
Traditional beliefs
16
Which kind of investment is the most risky?
Money market
Stock
Savings account
Bond
17
In a market, supply and demand determine...
Quantity
ownership
Partners
Price
18
The official banning of all trade between two countries is called a(n).........
sanction
Incentive
Embargo
Tariff
19
A certificate issued by a company/government promising to pay back borrowed money with interest
Money market
Savings account
Stock
Bond
20
GDP is an example of...
Microeconomics
Macroeconomics
