Global Economics POST-TEST

Imagine a bustling marketplace where James, Kai, and Abigail are trading goods and services freely, without any government peeking over their shoulders. Which economic system are they enjoying?

• Traditional

• Command

• Market

• Mixed

Imagine you're in a business class with Isla, Priya, and Hannah. The professor asks: Which of the following is not an example of competitive advantage?

• Comparative advantage

• Differential advantage

• Departmental advantage

• Absolute advantage

Imagine you're in a classroom with Anika, Scarlett, and Rohan, and your teacher asks: Which of the following economic systems is based on "the way things have always been done"? Can you guess it right?

• Traditional

• Command

• Market

• Mixed

Imagine you're on a quest with Elijah, Anika, and Sophia to understand the world better. What term describes lacking the financial resources to meet a minimum standard of living?

• Economic development

• Scarcity

• Inflation

• Poverty

Imagine you're in a world where Olivia, Aria, and Elijah are rulers of their own unique lands. In Olivia's land, the government has the power to control all aspects of production and income from the most valuable resources. What type of economic system is Olivia using?

• Traditional

• Command

• Market

• Mixed

Imagine you're on a treasure hunt with Rohan, Isla, and Oliver. Which of the following is not a magical key to unlock the treasure chest of production?

• Land

• Labor

• Capital

• Produce

Imagine a bustling marketplace where Emma and Noah are trading goods. When the number of apples Emma wants to sell matches perfectly with the number Noah wants to buy, what word describes this harmonious state of the economy?

• Upside-down

• Progressive

• Equilibrium

• Growing

Imagine you're in a bustling marketplace, just like the one Charlotte and Isla love to visit every weekend. Which of the following economic systems best describes the way the United States operates?

• Traditional

• Command

• Market

Imagine Zoe and Benjamin are at a party, and the snacks are running out fast. What is this situation called when something is in short supply?

• Parity

• Recession

• Rationing

• Scarcity

Elijah and Lily are having a debate in class. Elijah says GDP stands for 'General domestic product', while Lily insists it's something else. Can you help them out by choosing the correct expansion of GDP?

• General domestic product

• Gross domestic product

• Gross domestic potential

• General domestic potential