Junior Economics Final: Macroeconomics

Which of the following best describes “a state of economic hardship characterized by high levels of unemployment and a decline in manufacturing and income over a long period of time”?

• Recession

• Depression

• Inflation

• Deflation

Which of the following best describes “a general increase in the level of prices for goods and services overtime”?

• Deflation

• Macroeconomics

• Inflation

• Depression

Which of the following items is “The dollar value of all final goods, services, and structures produced within a country’s national borders during a 1 year period”?

• General Determined Production

• Gross Domestic Product

• Standard of Living

• Total Production Output

The trading or sharing of a hunted wildebeest in a tribal African village, is an example of what type of economic system?

• Market Economy

• Traditional Economy

• Command Economy

• None of the Above

An economic system in which a country’s government makes strict rules that determine what products are made, who makes it, and how it is sold is an example of:

• Market Economy

• Traditional Economy

• Command Economy

• None of the Above

An economic system in which major economic decisions are made based on the free choices of consumers and producers, with little government involvement, is:

• Market Economy

• Traditional Economy

• Command Economy

• None of the Above

Match this definition with the correct Mixed Economic System: "Property is collectively owned by the government or the society (rather than by private citizens), so that all have their basic needs met."

• Capitalism

• Communism

• Socialism

• I give up

Match this definition with the correct Mixed Economic System: "Private citizens (rather than the government) own the factors of production, and make products mostly based on consumer’s wishes."

• Capitalism

• Communism

• Socialism

• I give up

Match this definition with the correct Mixed Economic System: "Ownership of factors and resources of production is split; there is some private ownership, but the government may own some factors in order to provide for a few basic needs of their citizens."

• Capitalism

• Communism

• Socialism

• I give up

A factory, including all the machines within it, that refines steel from raw iron would be an example of which of the following Factors of Production?

• Land

• Labor

• Capital

• Entrepreneurship