WorksheetsAKS 5 Test Remediation
Total questions: 31
Worksheet time: 23mins
In which system does the government NOT make any economic decisions?
Command
Mixed
Market
Traditional
In a Command Economy, which political system is used?
Socialism
Communism
Both
Capitalism
During inflation, what happens?
Prices go down
Food is cheap
Prices stay the same
Prices go up
Money invested by someone other than the owner is called:
Entrepreneurship
Capital
Labor
Land
A store staying open 24/7 is an example of:
Time utility
Information utility
Form utility
Possession utility
The value of all goods and services made in a country is called:
GNP
GBP
GCP
GDP
How a nation meets people's needs and wants is called:
A Custom
A Political System
An Economic System
A System
Things used to make products are called:
Resources
Items
Capital
Property
In which system do buyers and sellers make the decisions?
Mixed
Market
Traditional
Command
The Consumer Price Index tracks 400 goods and services to measure:
Competition
Government spending
Price changes over time
Scarcity means:
The gap between what people want and what resources are available
Cost of living differences
Rich vs. poor
Wage differences
Creating a website for shopping is an example of:
Place utility
Possession utility
Form utility
Time utility
Information utility
Which is NOT a measure of economic strength?
GDP
Inflation rate
Stock market average
Unemployment rate
Adding PayPal to an account is an example of:
Time utility
Form utility
Place utility
Information utility
Possession utility
Entrepreneurs like:
Low demand
Low supply
High demand
High supply
In marketing, utility means:
Subtracting value
Roundabout value
Value added
In which system does the government decide people's jobs?
Command
Traditional
Market
Mixed
What is the golden rule of marketing?
Sell at the highest price
The customer is always right
Meet people's needs and wants
Beat competitor's prices
Breaking the market into groups of likely buyers is called:
Market segmentation
Market share
Customer profiles
Target markets
Changing a product's color is an example of:
Form utility
Possession utility
Time utility
Information utility
Place utility
The quality of goods and services people have is called:
Standard of living
Standard of work
Standard of worth
Standard of life
In which system does the government make all decisions?
Traditional
Command
Mixed
Market
When prices rise, producers make:
More
Less
In a Market Economy, which political system is used?
Socialism
Capitalism
Communism
All of the above
In which system are decisions based on customs?
Market
Traditional
Mixed
Command
People who use resources to make products is which factor of production?
Capital
Entrepreneurs
Land
Labor
Most nations, including the U.S., have which system?
Command
Traditional
Mixed
Market
Which is NOT one of the 4 P's of marketing?
People
Place
Promotion
Price
When prices drop, consumers want:
More
Less
Changing the label to include the serving size and an example of which utility?
Possession utility
Information utility
Place utility
Form utility
Time utility
The total dollar amount of goods and services produced by a nation is called?
GNP
GBP
GCP
GDP
