Economics Terms and Definitions

Economics Terms and Definitions

7th Grade

20 Qs

quiz-placeholder

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Economics Terms and Definitions

Economics Terms and Definitions

Assessment

Quiz

Social Studies

7th Grade

Easy

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Used 7+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unemployment Rate

the percentage of the nation's labor force who are not working

the total number of people employed in a country

the ratio of job openings to job seekers

the average duration of unemployment for job seekers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

fraud

wrongful or criminal deception intended to result in financial or personal gain

an honest mistake that leads to financial loss

a legal transaction that benefits both parties

the act of providing false information for a legitimate purpose

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Human Capital

the physical assets owned by a company

the financial resources available for investment

the knowledge and skills that workers acquire through education, training, and experience

the technological tools used in production

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Gross Domestic Product

the total value of goods produced and services provided in a country during one year.

the total amount of money spent by consumers in a year.

the total value of exports minus imports in a country.

the total number of goods produced in a country regardless of their value.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Demand

Consumer willingness and ability to buy products

The total quantity of goods available in the market

The amount of money consumers are willing to spend

The level of production by manufacturers

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tariff

a tax on imports or exports

a subsidy for local businesses

a fee for exporting goods

a tax on income

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Standard of Living

A minimum of necessities, comforts, or luxuries held essential to maintaining a person or group in customary or proper status or circumstances

The average income of a population

The level of education and healthcare available to a community

The amount of leisure time available to individuals

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