Economics Knowledge Quiz

What is a trade off?

• a letting go

• to give something up

• a giving up of one thing in return for another

• a giving of money to another

Who is Jerome Powell?

• President of Columbia University

• Chair of Economic Relations

• President of France

• Chair of the Federal Reserve

What is the official name for the United States dollar?

• United States Dollar

• Dollar

• American Federal Currency

• $

What type of economic system does the United States have?

• market economy

• command economy

• capitalism

• Free enterprise mixed market economy

What are the four factors of production?

• tools, entrepreneurship, land, labor

• land, labor, capital, entrepreneurship

• tools, labor, land, Taylorism

• Taylorism, land, labor, entrepreneurship

How often is the census taken?

• every 10 years

• every 5 years

• every 15 years

• every 8 years

Using income for purchases, expenses, and debt

• spending

• savings

• goods

• services

things purchased by consumers

• goods

• consumer

• producer

• supply

Where buyers and sellers exchange goods and services.

• government

• economics

• market

What is the study of the way goods and services are made and used?

• market

• geography

• economics