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AKS 5 Test Remediation

Total questions: 31

Worksheet time: 23mins

Name
Class
Date
1.

In which system does the government NOT make any economic decisions?

a)

Command

b)

Mixed

c)

Market

d)

Traditional

2.

In a Command Economy, which political system is used?

a)

Socialism

b)

Communism

c)

Both

d)

Capitalism

3.

During inflation, what happens?

a)

Prices go down

b)

Food is cheap

c)

Prices stay the same

d)

Prices go up

4.

Money invested by someone other than the owner is called:

a)

Entrepreneurship

b)

Capital

c)

Labor

d)

Land

5.

A store staying open 24/7 is an example of:

a)

Time utility

b)

Information utility

c)

Form utility

d)

Possession utility

6.

The value of all goods and services made in a country is called:

a)

GNP

b)

GBP

c)

GCP

d)

GDP

7.

How a nation meets people's needs and wants is called:

a)

A Custom

b)

A Political System

c)

An Economic System

d)

A System

8.

Things used to make products are called:

a)

Resources

b)

Items

c)

Capital

d)

Property

9.

In which system do buyers and sellers make the decisions?

a)

Mixed

b)

Market

c)

Traditional

d)

Command

10.

The Consumer Price Index tracks 400 goods and services to measure:

a)

Competition

b)

Government spending

c)

Price changes over time

11.

Scarcity means:

a)

The gap between what people want and what resources are available

b)

Cost of living differences

c)

Rich vs. poor

d)

Wage differences

12.

Creating a website for shopping is an example of:

a)

Place utility

b)

Possession utility

c)

Form utility

d)

Time utility

e)

Information utility

13.

Which is NOT a measure of economic strength?

a)

GDP

b)

Inflation rate

c)

Stock market average

d)

Unemployment rate

14.

Adding PayPal to an account is an example of:

a)

Time utility

b)

Form utility

c)

Place utility

d)

Information utility

e)

Possession utility

15.

Entrepreneurs like:

a)

Low demand

b)

Low supply

c)

High demand

d)

High supply

16.

In marketing, utility means:

a)

Subtracting value

b)

Roundabout value

c)

Value added

17.

In which system does the government decide people's jobs?

a)

Command

b)

Traditional

c)

Market

d)

Mixed

18.

What is the golden rule of marketing?

a)

Sell at the highest price

b)

The customer is always right

c)

Meet people's needs and wants

d)

Beat competitor's prices

19.

Breaking the market into groups of likely buyers is called:

a)

Market segmentation

b)

Market share

c)

Customer profiles

d)

Target markets

20.

Changing a product's color is an example of:

a)

Form utility

b)

Possession utility

c)

Time utility

d)

Information utility

e)

Place utility

21.

The quality of goods and services people have is called:

a)

Standard of living

b)

Standard of work

c)

Standard of worth

d)

Standard of life

22.

In which system does the government make all decisions?

a)

Traditional

b)

Command

c)

Mixed

d)

Market

23.

When prices rise, producers make:

a)

More

b)

Less

24.

In a Market Economy, which political system is used?

a)

Socialism

b)

Capitalism

c)

Communism

d)

All of the above

25.

In which system are decisions based on customs?

a)

Market

b)

Traditional

c)

Mixed

d)

Command

26.

People who use resources to make products is which factor of production?

a)

Capital

b)

Entrepreneurs

c)

Land

d)

Labor

27.

Most nations, including the U.S., have which system?

a)

Command

b)

Traditional

c)

Mixed

d)

Market

28.

Which is NOT one of the 4 P's of marketing?

a)

People

b)

Place

c)

Promotion

d)

Price

29.

When prices drop, consumers want:

a)

More

b)

Less

30.

Changing the label to include the serving size and an example of which utility?

a)

Possession utility

b)

Information utility

c)

Place utility

d)

Form utility

e)

Time utility

31.

The total dollar amount of goods and services produced by a nation is called?

a)

GNP

b)

GBP

c)

GCP

d)

GDP