Economics Test Review

Who is an entrepreneur?

• capital resource

• land resource

• business owner

Which economic system is controlled by the government?

• free enterprise

• command

Which of the following is true about the free enterprise/market economy?

• There is competition.

• People control and own businesses and private property.

• People are motivated by profit.

• All of the above

Number of people that can read and write is called

• GDP

• life expectancy

• literacy rate

The money made from all goods and services sold in a country in a year is called

• life expectancy

• GDP

• infant mortality

Countries with high GDP, high literacy rate, and longer life expectancy are called

• less developed

• poor

• developed

In Zimbabwe GDP per capita is $400 dollars in a year, life expectancy is 47 years, and infant mortality is 31 babies out of 1,000. Based on the data, we can conclude that Zimbabwe is

• a more developed country

• an underdeveloped country

Tangible or Physical things that people produce to satisfy people's wants or needs.

• services

• goods

• producers

• consumers

• human resources

Work done or duty performed for another or others.

• goods

• producers

• services

• consumers

• suppy

People who use or purchase goods and services.

• consumers

• producers

• suppy

• demand

• human resources