Economic Concepts Quiz

What is GDP?

• Gross Domestic Product

• Gross Domestic Profit

• Global Domestic Product

• Great Domestic Production

What is the main characteristic of a traditional economy?

• Government control of industries

• Based on tradition and customs

• Free enterprise

• Combination of market and command economies

What does GDP per capita estimate?

• The literacy rate of a country

• The amount of goods and services produced in a year

• The average income of people in a country

• The total population of a country

What is literacy?

• The ability to speak multiple languages

• The ability to read and write at an adult level

• The ability to perform complex mathematical calculations

• The ability to play a musical instrument

What does a command economy rely on?

• Supply and demand

• Free enterprise

• Government control of industries

• Tradition and customs

What does the literacy rate measure?

• The percentage of people who can play a musical instrument

• The number of people who can perform basic arithmetic

• The percentage of people who can read and write in a country

• The number of people who can speak a foreign language

What is the standard of living?

• The amount of goods and services produced in a year

• The level of material comfort and wealth people have in a country

• The number of years people live on average in a country

• The average life expectancy in a country

What is life expectancy?

• The level of material comfort and wealth people have in a country

• The average annual income of people in a country

• The average lifespan of people in a country

• The ability to read and write at an adult level

What is the main characteristic of a market economy?

• Free enterprise, supply, demand, and competition

• Based on tradition and customs

• Government control of industries

• Combination of market and command economies

What is a mixed economy?

• It is based on free enterprise, supply, demand, and competition

• It is based on government control of industries

• It is a combination of all market and command economies

• It is based on tradition and customs