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Test your basic knowledge |
Civics: Economics
Start Test
Study First
Subject
:
civics
Instructions:
Answer 38 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. The highest valued benefit given up when a choice is made
Variable Expenses
Boycott
Traditional Economy
Opportunity Cost
2. A system in which people make their own decisions about how to save resources as capital and how to use their capital to produce goods and services
Quantity
Mixed Economy
Capitalism
Variable Expenses
3. A system in which private individuals own the factors of production and are free to make their own choices about production - distribution - and consumption
Market Economy
Capitalism
Dividends
Time Deposit
4. The ability to turn savings back into cash
Liquidity
Capital
Sole Proprietorship
Technology
5. The amount of a product that producers are willing and able to offer at different prices
Time Deposit
Consumption
Supply
Demand
6. One that is a mixture of the three basic systems
Market Price
Demand
Mixed Economy
Variable Expenses
7. A guide published by the Department of Labor Bureau of Labor Statistics which tells about hundreds of jobs - their requirements - and their future possibilities
Occupational Outlook Handbook
Fringe Benefits
Traditional Economy
Fixed Expenses
8. Payments from the profits of companies in which they own stock
Invest
Entrepreneur
Dividends
Strike
9. Indirect payments for work
Disposable Income
Fringe Benefits
Career
Variable Expenses
10. The system in which individuals in a market economy are free to undertake economic activities with little or no control by the government
Dividends
Variable Expenses
Fringe Benefits
Free Enterprise
11. Organizations of workers that seek to improve wages and working conditions and to protect members' rights
Labor Unions
Traditional Economy
Dividends
Profit
12. When workers refuse to work unless employers meet certain demands
Factors of Production
Strike
Traditional Economy
Scarcity
13. Anything produced in an economy that is used to produce other goods and services
Collective Bargaining
Fringe Benefits
Technology
Capital
14. A type of business in which two or more people share ownership
Partnership
Time Deposit
Fixed Expenses
Invest
15. The price at which buyers and sellers agree to trade
Quantity
Market Price
Collective Bargaining
Partnership
16. Expenses that change from month to month
Factors of Production
Opportunity Cost
Variable Expenses
Market Economy
17. The occupation for which you train and which you pursue as your life's work
Factors of Production
Career
Dividends
Mixed Economy
18. The amount of money left after taxes have been paid
Strike
Disposable Income
Factors of Production
Quantity
19. Idea that resources are always limited compared with the number and variety of wants people have
Scarcity
Demand
Free Enterprise
Labor Unions
20. The government or a central authority owns or controls the factors of production and makes the basic economic decisions
Variable Expenses
Sole Proprietorship
Command Economy
Fringe Benefits
21. The difference between the total cost of production and the total revenues received from buyers
Mixed Economy
Collective Bargaining
Dividends
Profit
22. Resources people have for producing goods and services to satisfy their wants
Factors of Production
Market Economy
Consumption
Sole Proprietorship
23. The practical application of science to commerce or industry
Technology
Time Deposit
Mixed Economy
Occupational Outlook Handbook
24. The amount of a product or service that buyers are willing and able to buy at different prices
Market Economy
Command Economy
Profit
Demand
25. A plan by which a company gives protection from the cost of injury or loss
Interest
Command Economy
Insurance
Technology
26. Expenses that have to be paid regularly - usually every month - such as rent and car payments
Supply
Fixed Expenses
Collective Bargaining
Capitalism
27. A savings plan with a set length of time that you must keep your money in the account
Factors of Production
Traditional Economy
Capitalism
Time Deposit
28. The act of buying or using goods and services
Fixed Expenses
Fringe Benefits
Interest
Consumption
29. The action of using your money to help a business get started or grow - with the hope that the business will earn a profit in which you can share
Consumption
Traditional Economy
Scarcity
Invest
30. Refuse to buy
Traditional Economy
Factors of Production
Quantity
Boycott
31. The payment for use of capital
Consumption
Interest
Sole Proprietorship
Variable Expenses
32. A person who starts a business
Opportunity Cost
Entrepreneur
Consumption
Interest
33. A business that is separate from the people who own it and legally acts as a single person
Demand
Time Deposit
Fixed Expenses
Corporation
34. Amount
Market Economy
Time Deposit
Factors of Production
Quantity
35. A manufacturer's promise to repair something it it breaks within a certain time from the date of purchase
Dividends
Warranty
Quantity
Market Price
36. The basic economic decisions are made according to long-established patterns of behavior that are unlikely to change
Dividends
Traditional Economy
Consumption
Quantity
37. The process by which representatives of unions and business try to reach agreement about wages and working conditions
Disposable Income
Dividends
Opportunity Cost
Collective Bargaining
38. A business owned by an individual
Sole Proprietorship
Invest
Factors of Production
Opportunity Cost