economic system in which the government owns some factor of production.

amounts of a product that someone is willing to buy over a price range.

society not having enough resources to produce what people want

A monthly payment for insurances

gross domestic product (GDP) is

value of all final goods, services, produced within a 1 year period

private citizens own and use the factors of production for their own profit

amount of a product that would be produced, grown, or acquired and sold

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Econ Knowledge Game

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Pre test for econ course

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Questions 15

Answers

1
Socialism
economic system in which the government owns no factor of production.
economic system in which the government owns some factor of production.
economic system in which the government owns all factors of production.
2
Demand
supplied products
not supplied products
amounts no one is willing to pay for
amounts of a product that someone is willing to buy over a price range.
3
Land, labor, capital and entrepeneurship are
Marketing strategies
factors of production
None of the above
Economic systems
4
A person who takes a risk is called a (an)
Entrepeneur
Executive
Risk taker
None of the above
5
How many components make up a mortgage payment?
4
12
9
6
A need is
basic requirement for survival
something you would like to have.
basic request
something you do like
7
Scarcity
society not having enough resources to produce what people want
a basic requirement for survival
to satisfy seemingly unlimited and competing needs and wants
a basic requirement you would like to have
8
A premium is
A monthly payment for insurances
Government money because of COVID 19
An amount that must be paid before insurances pay for damages
None of the above
9
gross domestic product (GDP) is
value of all final goods, services, produced within a 1 year period
value of all final goods, services, produced within a county
value of all final goods, services, produced within a 1 year period
value of all final goods, services, produced outside a country
10
capitalism
private citizens own and use the factors of production for their own profit
private citizens share the factors of production for tax reduction
private citizens do not own or use the factors of production for their own
11
Supply
amount of a product unsold
amount of a product that would be produced, grown and can not be sold
amount of a product that would be produced, grown, or acquired and sold
12
Unions strike because of
all of the above are true
Wages
Working conditions
for benefits
13
Economic systems found in China, North Korea and Cuba are examples
of countries controlled by dictators
of command directed economies
all of the above
of communist countries
14
Idaho's state sales tax is an example of a
Flat tax
None of the above
Progressive Tax
Recessive Tax
15
Budgets are a way to
how much a person spends
how much a person saves
all of the above
keep track of how much a person ears.

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