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Economic terms quiz

Total questions: 14

Worksheet time: 7mins

Name
Class
Date
1.

Экономия ресурсов

a)

economics of resources

b)

economic resources

c)

economy of resources

d)

to economize resources

2.

What Institute do you study at?

a)

Institute of economy

b)

Institute of economics

c)

Economic and management institute

d)

Institute of economics and management

3.

What economy is based on cultural customs and beliefs?

a)

traditional economy

b)

command economy

c)

market economy

d)

mixed economy

4.

What economy has both privately owned and state owned industries?

a)

command economy

b)

market economy

c)

traditional economy

d)

mixed economy

5.

A place where buyers and sellers exchange goods and services

a)

company

b)

market

c)

stock market

d)

insurance company

6.

Income that a firm generates through trading its goods and services

a)

profit

b)

cost

c)

turnover

d)

expences

7.

The amount of money left after deducting all expenses from revenue

a)

income

b)

profit

c)

turnover

d)

tax

8.

Objects that can satisfy people's wants

a)

goods

b)

services

c)

demand

d)

supply

9.
The market value of all final goods and services produced in a country in a calendar year.
a)

labor market

b)

GNP

c)

GDP

d)

inflation rate

10.
How does the government pay for services it provides? (parks, police, fire department) 
a)
People pay to use the services.
b)
The government collects taxes.
c)
The government services are free.
d)
The government charges a monthly fee.
11.

The number of people without work

(a)  

12.

We pay a weekly ____ in cash to our part time blue-collar staff.

a)

salary

b)

cheque

c)

wage

d)

pension

13.

Last year the size of the economy was $100 billion. This year it is $101 billion.

a)

The inflation rate is high

b)

The growth rate is 1%

c)

People are afraid of recession

d)

The economy has a large service sector

14.

Prices are much lower this year than last year.

a)

recession is coming

b)

inflation rate is low

c)

company's revenue is high

d)

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