Economics Quiz

Who is someone that makes goods or provides services?

• Consumer

• Producer

• Entrepreneur

• Trader

What is the official money used in a country called?

• Currency

• Barter

• Coinage

• Specie

What term refers to a person or organization that buys goods or services?

• Producer

• Entrepreneur

• Consumer

• Investor

Which economic system allows individuals to make economic decisions based on their own self-interest and encourages competition?

• Free enterprise system

• Market economy

• Command economy

• Mixed economy

What term refers to the idea that individuals can own and control their possessions as they wish?

• Communism

• Private property

• Collective ownership

• Public domain

What is the money earned from work or investment called?

• Profit

• Income

• Dividend

• Royalty

In which economic system are economic decisions made by the government or central authority?

• Free enterprise system

• Market economy

• Command economy

• Capitalist economy

If you exchange goods or services directly for other goods or services without using money, what is this called?

• Trade

• Currency

• Barter

• Import-export

When the general level of prices for goods and services is rising, what term is used to describe this phenomenon?

• Recession

• Deflation

• Inflation

• Stagnation

What is the financial gain made in a transaction, often calculated as the difference between the amount earned and the amount spent?

• Interest

• Profit

• Investment

• Revenue