European Economics Test Review

Front

Ben is reading about how countries produce, distribute and consume goods and services. He is studying:

Back

economics

Front

Which type of economic system is Luke part of? Luke works in a rocking chair factory where he works a machine that puts the legs on the chairs. Luke is a well-trained and experienced employee. The factory is run by the government and the government decides how much Luke will be paid. The government also decides how many rocking chairs are produced and how much it will be sold for.

Back

Command

Front

In the situation above, the rocking chairs that are produced are an example of:

Back

goods

Front

In the situation above Luke is best described as:

Back

a Labor resource

Front

What usually happens to the price of a good if the demand for it is higher than the supply that is available?

Back

price of the good increases

Front

Which term best describes the 5 dollars Han will earn when he sells the blaster?

Back

profit

Front

In the situation above, which term best describes the 20 dollars Han used to produce the blaster?

Back

investment

Front

Where does Anakin live? He enjoys a high standard of living, his government provides healthcare, and his country controls large oil reserves in the North Sea and recently left the European Union.

Back

United Kingdom