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G.E-3 QUIZ-2

Total questions: 50

Worksheet time: 17mins

Name
Class
Date
1.

Supply and demand determines how much an item costs.

a)

Traditional

b)

Communist

c)

Free Enterprise System

d)

Socialist

2.

Buyers and sellers make the decisions.

a)

Traditional

b)

Communist

c)

Free Enterprise System

d)

Socialist

3.
Which type of economy is based on traditions and beliefs?
a)
Command
b)
Market
c)
Traditional
d)
Mixed
4.
Which type of economy is usually paired with a Communist government?
a)
Mixed
b)
Market
c)
Command
d)
Traditional
5.
Which type of economy is run by the businesses & business owners?
a)
Command
b)
Mixed
c)
Communist
d)
Market
6.

Types of shelter, language and entertainment are all examples of what?

a)

government

b)

geography

c)

culture traits

d)

universal studios

7.

Who controls everything in a COMMAND (communist) economy?

a)

the people

b)

the world

c)

the government

d)

the poor

8.

Who is an entrepreneur in the list below?

a)

farmer

b)

bulldozer

c)

business owner

d)

employee

9.

Which of the following is not a culture trait?

a)

art

b)

language

c)

types of shelter

d)

height

10.
A plan for managing a person's income and expenses is..
a)
Income
b)
Scarcity
c)
Savings
d)
Budget
11.

The number of shares traded in a given time period

a)

Volume

b)

After-hours trading

c)

Net Change

d)

open

12.

An institution where stocks are bought and sold

a)

After-hours trading

b)

Stock Market

c)

Trades

d)

Stock Trade

13.

The last price at which a stock was traded on a regular trading day

a)

Close

b)

High

c)

Open

d)

Low

14.
Only rich people invest in the stock market.
a)
True
b)
False
15.
Buying stocks is a sure way to make money.
a)
True
b)
False
16.

The Welfare State has 3 central components:

a)

Private services, Public services and Financial Services

b)

Financial services, Social services and Non-cash benefits

c)

Educational services, Housing services, Financial services

d)

Information services, Financial services, Educational services

17.

What are the 3 fundamental values of social democracy?

a)

Empathy, Justice, Equality

b)

Equity, Security, Opportunity

c)

Equality, Freedom, Responsibility

d)

Freedom, Justice, Solidarity

18.

Neoliberalism sees competition as the defining characteristic of human relations

a)

True

b)

False

19.

________ are asymmetric information problems that act as a barrier to efficient allocation of capital.

a)

Asset prices

b)

Credit imbalances

c)

Financial frictions

d)

Financial derivatives

20.

It is the optimum combination of whole of life costs and quality to meet the customer’s requirements.

a)

Fund Value

b)

Quality

c)

Value for Money

d)

Quality

21.
What is a commodity?
a)
a product
b)
a bathroom facility
22.
Quantity means
a)
best item
b)
the amount
23.
Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.
a)
Scarcity
b)
Supply and Demand
24.
The plastic needed to make iphone cases is considered _____________ ____________ because it is used to make the iphone (good).
a)
Human Resource
b)
Capital Resource
25.
The study of how people make decisions given the resources that are provided to them.
a)
Economics
b)
Command Economy
26.
The voluntary exchange of goods and services without any government intervention.
a)
Market Economy
b)
Traditional Economy
27.
Produces a variety of goods and services, as well as supports new ideas, services and goods.
a)
Advantages of a Market Economy
b)
Advantages of Command Economy
28.
What type of economic system does the US have?
a)
Market
b)
Command
c)
Traditional 
29.
Which of these is a good?
a)
Librarian
b)
Teacher
c)
Computer
d)
Mechanic
30.
The people who buy goods and services are called...
a)
producers
b)
consumers
c)
banker
d)
traders
31.
Which of the following is a need?
a)
Crayons
b)
Video Games
c)
Basketballs
d)
Houses
32.
All people have the same wants and needs.
a)
True
b)
False
33.
How do most people obtain goods or services today in America?
a)
Money
b)
Trading
c)
Bartering
34.
I want to buy new shoes for $20. I only have $5. How can buy the shoes?
a)
Pay $5
b)
Save my money
c)
Trade my old shoes for the new shoes
35.

Using income for purchases, expenses, and debt

a)

spending

b)

savings

c)

goods

d)

services

36.

things purchased by consumers

a)

goods

b)

consumer

c)

producer

d)

supply

37.

A person who provides a good or service

a)

producer

b)

need

c)

want

d)

consumer

38.

A person who purchases a good or service

a)

consumer

b)

taxes

c)

supply

d)

good

39.

Basic things humans need to survive

a)

need

b)

want

c)

import

d)

demand

40.

how much of a good or service consumers want

a)

demand

b)

spending

c)

producer

d)

scarcity

41.

The amount available

a)

supply

b)

demand

c)

import

d)

natural resource

42.

money paid to the government through income, sales, and purchase of property

a)

taxes

b)

goods

c)

scarcity

d)

human resource

43.

services provided by people

a)

human resource

b)

import

c)

scarcity

d)

consumer

44.

goods made to use in the production of other goods

a)

capital resouces

b)

demand

c)

taxes

d)

export

45.

not having enough

a)

scarcity

b)

supply

c)

human resouce

d)

taxes

46.
In economic terms, which action shows a person acting as an investor?
a)
A person sells a car to a neighbor.
b)
A person puts money in a savings account.
c)
A person drives students to school.
d)
A person buys a new pair of shoes.
47.

Which of the following means what you have to give up in order to make or get something else?

a)

producer

b)

market price

c)

consumer

d)

opportunity cost

48.

What is the definition of a consumer?

a)

anything that can be produced or grown

b)

something that someone does for someone else in exchange for money

c)

anyone who buys a good or service

d)

someone who creates or manufacture a good or service

49.

What is the definition of a producer?

a)

anything that can be produced or grown

b)

something that someone does for someone else in exchange for money

c)

anyone who buys a good or service

d)

someone who creates or manufacture a good or service

50.
An increase in the value of a currency
a)
apprecation
b)
depreciation
c)
quota
d)
subsidy

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