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- 1. Multiple Choice
In what economic systems do private citizens determine what to produce, how to produce it, and how to market it?
Traditional Economy
Market Economy
Command Economy
Mixed Economy
- 2. Multiple Choice
In what economic system does the government determine what to produce, how to produce it, and how to market it?
Traditional Economy
Market Economy
Command Economy
Mixed Economy
- 3. Multiple Choice
What is the total amount of payment received from a consumer for a good or service?
Costs
Profits
Deductions
Revenue
- 4. Multiple Choice
What is the general increase in prices over time?
Inflation
Deflation
Stagflation
Hyperinflation
- 5. Multiple Choice
What do you call the tools and equipment needed to create a good or service?
Capital Resources
Human Resources
Land Resources
Entrepreneurial Ability
- 6. Multiple Choice
What is the total amount of a good or service available for purchase?
Producer
Consumer
Demand
Supply
- 7. Multiple Choice
What do you call someone who makes or provides a good or service for purchase?
Producer
Consumer
Demand
Supply
- 8. Multiple Choice
What is a good which is produced domestically but sold in a foreign country?
Import
Export
Gross Domestic Product
Human Development Index
- 9. Multiple Choice
What is the calculation of the value in USD of all the goods and services
Import
Export
Gross Domestic Product
Human Development Index
- 10. Multiple Choice
What do you call a country with a strong economy and easy access to education, healthcare, and vital goods and services?
Least Developed Country
Less Developed Country
More Developed Country
Third World County
- 11. Multiple Choice
The majority of the least developed countries can be found on which continent?
Africa
Asia
Europe
South America
- 12. Multiple Choice
Which of the following are benefits of NAFTA? (Choose all that apply)
Increased Trade
Improved the US Economy
Decreased the Negative Environmental Impact of many companies
Decreased the cost of imports
Companies moved to other countries to produce goods
- 13. Multiple Choice
Which of the following are ways that countries attempt to limit trade? (choose all that apply)
Tariffs
Deficit
Quotas
Investment
Embargo
- 14. Multiple Choice
Why did Europeans "claim" colonies in the 1800s? (choose all that apply)
To gain access to new technologies
To obtain more raw materials
To have new markets for selling goods
To learn about new cultures and traditions
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