WorksheetsEconomics
Total questions: 10
Worksheet time: 3mins
Expand GDP
Gross Domestic Product
Green Domestic Product
Gross Damaged Product
Green Damaged Product
In a ______________ economic system, customs and traditions determine what and how to produce
traditional
market
command
mixed
_____________ are things that people make or use to satisfy their needs and wants.
Goods
Services
Producers
Consumers
What is a consumer?
a person who takes things
a person who purchases goods and services for personal use
a person who takes good away
the economic factors affecting the price, demand, and availability of a commodity
Monetary Policy is formulated by RBI
True
False
Which of these are functions of money?
medium of exchange that allows the trade of goods and services
holds value over time
standard of value that allows comparison of the value of goods related to one another
used as the only means of trade between nations
Commodity money can be best described as money that is
backed up by a valuable material
valuable based on the material that the money is made from
used to purchase valuable materials
valuable because a government says it is and people accept that it is valuable
When people or groups purchase items with the thought that the value will increase, items like oil or gold, what type of value is this describing?
speculative value
intrinsic value
subjective value
objective value
Value that is based on an opinion of a person, society, etc. is what type of value?
economic value
intrinsic value
subjective value
speculative value
When measuring the benefit provided by a good or service, this can be identified as
economic value
intrinsic value
opportunity cost
subjective value
