Vocabulary Quiz

What is the term for a system of government in which one person has absolute power and authority?

• Democratic

• Autocratic

• Federation

• Parliamentary Democracy

What is the term used to describe the withdrawal of the United Kingdom from the European Union?

• Eurozone

• European Union

• Brexit

• Treaty of Lisbon

What is the term for a plan for the coordination of resources and expenditures?

• Budget

• Credit

• Income

• Spending

What is the term for the wealth, whether in money or property, owned or employed in business by an individual, firm, corporation, etc.?

• Income

• Credit

• Capital

• Wages

Who is the head of the government in Germany?

• Command economy

• Prime minister

• President

• Chancellor

What is the term for an economic system in which the government controls and regulates production, distribution, prices, etc.?

• Pure market

• Command economy

• Market economy

• Mixed economy

What is the term for the total of all goods and services produced in a country in a year?

• Income (revenue)

• Human capital

• Continuum

• Gross Domestic Product

What is the term for the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country?

• Wages

• Investment

• Income

• Human capital

What is the term for the exchange of goods and services between countries?

• Market economy

• Investing

• International trade

• Trade-off

What is the term for the economic system in which both the government and private sector play a role in economic activity?

• Pure market

• Traditional economy

• Pure command

• Mixed economy