Economics Test: Major Assessment

The study of the ways individuals and societies decide how to use their limited resources in order to better satisfy their unlimited wants is known as _________.

• government
• per capita Gross Domestic Product
• spillovers
• economics

The United States mostly has a ____________.

• traditional economy
• market economy
• command economy
• developing economy

As countries become more industrialized, the technology used to produce goods can lead to both positive and negative ____________________________.

• industrialization
• spillover effects
• globalization
• urbanization

Process that uses large scale manufacturing and technology is known as ____________________.

• developed country
• industrialization
• market economy
• urbanization

The value of all goods and services produced by a country in a single year is known as _______.

• Gross Domestic Product (GDP)
• command economy
• developed
• developing
• globalization

A system in which the central government makes all economic decisions is known as a ______.

• command economy
• developed
• developing
• globalization
• Gross Domestic Product (GDP)

A system that is based on free trade, competition, supply and demand, and private ownership is known as a ______.

• market economy
• command economy
• developed
• developing
• globalization

The process by which countries are increasingly linked to each other through culture and trade is known as _________.

• globalization
• command economy
• developed
• developing
• Gross Domestic Product (GDP)

In a ___________, trade may take place through barter.

• traditional economy
• command economy
• developed
• developing
• globalization

__________ countries have strong economies and a high quality of life.

• developed
• command economy
• developing
• globalization
• Gross Domestic Product (GDP)