Economics Quiz

What are "needs" according to the vocabulary list?

• Things that add comfort and pleasure to your life.

• Things that are required in order to live.

• Activities provided for the satisfaction of others.

• Things available to be used to produce goods and services.

What is the definition of "scarcity"?

• The process of choosing which needs and wants will be satisfied.

• Not having enough resources to meet every need.

• The value of the next-best alternative that you were not able to choose.

• A person who buys and uses goods and services.

Which economic system is characterized by resources being owned and controlled by the government?

• Market economy

• Traditional economy

• Command economy

• Mixed economy

What is a "trade-off"?

• The value of the next-best alternative that you were not able to choose.

• What you make when you give something up to have something else.

• The method a country uses to answer the three economic questions.

• A simple economy operating according to tradition or custom.

Who are "producers"?

• A person who buys and uses goods and services.

• Individuals and organizations that determine what products and services will be available for sale.

• Things available to be used to produce goods and services.

• Activities provided for the satisfaction of others.

What is the term for the quantity of a good or service that consumers are willing and able to buy?

• Supply

• Demand

• Market price

• Quota

What is the point where supply and demand are equal called?

• Balance of trade

• Exchange rate

• Market price

• Tariff

What is the difference between a country's total exports and total imports known as?

• Balance of payments

• Exchange rate

• Balance of trade

• Infrastructure

What is a tax placed on imported goods called?

• Embargo

• Tariff

• Quota

• Patent

What is the term for an organization that does business in several countries?

• Joint Venture

• Multinational company (MNC)

• Trade barrier

• Trademark