Personal Finance - Global Economics

Which of the following is an economic system based on "the way things have always been done"?

• Traditional

• Command

• Market

• Mixed

Which of the following economic sysems describes the way the United States operates?

• Traditional

• Command

• Market

• Mixed

Which of the following is an economic system where the government controls all the aspects of production and income generated by the most valuable resources?

• Traditional

• Command

• Market

• Mixed

Which of the following is an economic system where everything is sold, bought, and traded without governmental involvement?

• Traditional

• Command

• Market

• Mixed

Which of the following is NOT a factor of production?

• Land

• Labor

• Capital

• Produce

Which of the following is NOT an example of competitive advantage?

• Comparative advantage

• Differential advantage

• Departmental advantage

• Absolute advantage

Which of the following countries has the largest gross domestic product (GPD)?

• United States

• China

• Japan

• Germany

When supply and demand are equal, what word is used to describe the economy?

• Upside-down

• Progressive

• Equilibrium

• Growing

What term describes lacking the financial resources to meet a minimum standard of living?

• Economic development

• Scarcity

• Inflation

• Poverty

Because of inflation...

• Things cost more year to year.

• All of these

• Your money is worth less in the future.

• You can't buy as much as you used to.