Free Printable Chapter 3 Test

Worksheets

Chapter 3 Test

Total questions: 12

Worksheet time: 6mins

Name

Class

Date

What is Gross National Product?

Gross National Product is the total value of all imports and exports.

Gross National Product is the total population of a country.

Gross National Product (GNP) is the total value of all goods and services produced by a country during a year.

Gross National Product measures only the domestic production of goods.

a policy that government should interfere as little as possible in the nation's economy

Regulated capitalism

Interventionist policy

Laissez-faire

Socialism

one who organizes, manages, and assumes the risk of a business or enterprise

Entrepreneur

Investor

Shareholder

Manager

What is a time zone?

A time zone is a region with the same standard time.

A time zone is a seasonal change in weather.

A time zone is a measurement of distance.

A time zone is a type of clock.

What is a land Grant?

A land grant is a Grant of land by the federal government.

A land grant is a loan provided for purchasing land.

A land grant is a tax incentive for businesses.

A land grant is a type of agricultural subsidy.

an organization that is authorized by law to carry on an activity but treated as though it were a single person

Sole Proprietorship

Corporation

Nonprofit Organization

Partnership

What is economies of scale?

Economies of scale are the cost advantages that arise when production becomes efficient, as the scale of production increases.

Economies of scale are the financial losses incurred when production is too high.

Economies of scale describe the environmental impact of large-scale production.

Economies of scale refer to the increase in product quality with higher production.

total control of a type of industry by one person or one company

Monopoly

Oligopoly

Duopoly

Cartel

What is a trust?

A trust is a government program for social welfare.

A trust is a form of insurance policy.

A trust is a combination of firms or corporations formed by a legal agreement.

A trust is a type of bank account.

10.

What is a holding company?

A holding company is a business that owns other companies' outstanding shares.

A holding company is a company that manufactures products.

A holding company is a business that only provides services.

A holding company is a type of investment bank.

11.

a decline in the volume of available money or credit that results in lower prices

Recession

Deflation

Stagnation

Inflation

12.

What is an industrial union?

A union that only represents skilled workers in a specific trade.

A group of employers in an industry that sets wages and working conditions.

A union that focuses solely on political advocacy for workers' rights.

An industrial union is a labor union that represents all workers in a specific industry.

100 %

Chapter 3 Test

Total questions: 12

Worksheet time: 6mins

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