AKS 5 Test Remediation

In which system does the government NOT make any economic decisions?

• Command

• Mixed

• Market

• Traditional

In a Command Economy, which political system is used?

• Socialism

• Communism

• Both

• Capitalism

During inflation, what happens?

• Prices go down

• Food is cheap

• Prices stay the same

• Prices go up

Money invested by someone other than the owner is called:

• Entrepreneurship

• Capital

• Labor

• Land

A store staying open 24/7 is an example of:

• Time utility

• Information utility

• Form utility

• Possession utility

The value of all goods and services made in a country is called:

• GNP

• GBP

• GCP

• GDP

How a nation meets people's needs and wants is called:

• A Custom

• A Political System

• An Economic System

• A System

Things used to make products are called:

• Resources

• Items

• Capital

• Property

In which system do buyers and sellers make the decisions?

• Mixed

• Market

• Traditional

• Command

The Consumer Price Index tracks 400 goods and services to measure:

• Competition

• Government spending

• Price changes over time