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Econ class
Econ class
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Grade 9
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Economists use gross domestic product to measure a country's development
False
True
2
Government policy or restriction that limits international trade also known as...
Free trade
Tarrif
Trade
Trade barrier
3
Budget is a plan that shows income and expenses over period of time
True
False
4
Saving is the act of setting aside money for future use
True
False
5
The differences among traditional, command, and market system are the one who make decisions
False
True
6
which of these following sentences that is not correct
Credit is an arrangement, which buyer can borrow to purchase and pay later
Interest is the price paid for borrowing money
Interest is an incentive for people to lend their money
Lending organizations do not charge borrowers interest on loans
7
The amount of goods and services produced given the amount of resources used also named productivity
False
True
8
It costs lesser for a borrower to purchase a good using credit than to pay cash for the good at the time of purchase
False
True
9
A bank is business that keeps money, makes loans, and offers other financial services. Bank earns profit from....
Bond
Credit
Stock
Interest
10
Import are goods and services sold in a country that are produced in other countries
True
False
11
Domestic trade involves producers and consumers outside the country
True
False
12
Export are goods and services produced within a country and sold outside the country's borders
False
True
13
An economy in which people make economic decisions based on their customs and habits
Command economy
Mixed economy
Market economy
Traditional economy
14
Which of these following statement that are not correct?
Money is anything that is generally accepted as payment
A key tool in money management is called saving
Needs, wants, and incomes can change, so it is important to plan ahead.
Money is a scare resource that people must manage to have enough.
15
Which of these following sentences that is wrong?
Improved technology can lead to economic growth decreasing
Technology is the practical aplication of knowledge to accomplish a task
A country can improve development by increasing productivity
A business that increase productivity can produce more efficiently
16
When we study development, we look at factors like....
Literacy
People's education
Life expectancy
Ability to buy goods and services
17
Which of these following sentences that is wrong?
A country can increase economic development in many ways
Human capital is workers' skill and knowledge
It can't invest in capital goods such as factories and equipment
It can improve education and training to increase human capital
18
A budget's income should be equal to or greater than its expenses
False
True
19
Domestic trades engage in international trade, or trade with foreign producers and consumers
False
True
20
This kind of system is also called a centrally planned economy.
Mixed economy
Market economy
Command economy
No answer
