Economics Quiz Latin America

What is an economy?

• A system of government

• The study of money

• The way goods and services are produced, distributed, and consumed

• The process of buying and selling

Which type of economy relies on customs and traditions to make economic decisions?

• Traditional economy

• Market economy

• Command economy

• Mixed economy

Which type of economy relies on supply and demand to make economic decisions?

• Traditional economy

• Market economy

• Command economy

• Mixed economy

Which type of economy has the government make all economic decisions?

• Traditional economy

• Market economy

• Command economy

• Mixed economy

Which type of economy combines elements of the command and market economies?

• Traditional economy

• Market economy

• Command economy

• Mixed economy

What does GDP stand for?

• Gross Domestic Profit

• General Domestic Product

• Gross Domestic Product

• General Domestic Profit

What does the term "standard of living" refer to?

• The amount of money people make

• The number of goods and services available

• The overall quality of life

• The level of education in a country

What does "per capita" mean?

• The total amount

• The average amount per person

• The percentage of the population

• The highest amount

What refers to the skills, knowledge, and experience of people in a workforce?

• Human Capital

• Natural Resources

• Capital Goods

• Entrepreneurship

Which term refers to materials that occur in nature and can be used for economic gain?

• Human Capital

• Natural Resources