Test your basic knowledge |

CSET Economics

Subjects : cset, economics
Instructions:
  • Answer 30 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. In the economy include direct controls over the economy - ownership of production (for example - Hoover Dam) - and welfare expenditures.






2. Fulfills primary & basic needs.






3. Is a theory that bases taxation in accordance with income and wealth position.






4. Is a measurement of assets on hand at a given point in time.






5. Is the monetary return or other material benefits from currently produced goods & services.






6. Since ther are not enough resources to satisfy all wants - there is a conflict between unlimited wants & limited resources. Societal choice: what to produce - how to produce - & for whom to produce.






7. Has to do with its ability to command goods & services. Measuring changes in the value of the dollar is a key economic concept.






8. Organized to fulfill basic social needs






9. Has created problems in labor - management relations that government seems to be able to handle best.






10. Of government activity comes from its spending - taxing - and public debt policies.






11. Of property is fundamental to a capitalistic society.






12. A competitive - free - market - free - price system is necessary for capitalism to function efficiently.






13. ...see following cards.






14. Is a theory that bases taxation in accordance with the benefits received by the taxpayer; hunting & fishing fees are examples.






15. Commitments & military expenditures have had lasting effects on the role of government in the economy.






16. Has created problems in providing essential public services such as police and fire protection and sewage disposal.






17. Provides a means of analyzing the economy.






18. Areas of the world have shown limited economic growth.






19. Of the world's population is economically deprived.






20. Transmit the ideals & values of society.






21. Is a source wealth & income & involves the inflow & outflow of goods and services. The economic growth of the US is measured by the Gross National Product (GNP) - which is the value of all goods & services produced in a particular year.






22. How to allocate resources among competing & alternative uses. How to distribute goods & services among the population. How to provide economic stability & security. How to provide continued economic growth.






23. People have simply demanded more of government.






24. Provide a method to analyze the goods & services in a society.






25. Consumption: characterized by freedom of consumer choice. Production: characterized by freedom of enterprise. Financial: composed of all banking & financial institutions. Government: performs task of stabilizing the economy through monetary & fiscal






26. Based on concepts of modern capitalism.






27. And influence in our economy has steadily grown throughout history.






28. Direct - indirect - proportional - progressive - and regressive. Federal personal & corporate taxes are progressive. Most state and local taxes are proportional. Nearly all excise - sales - and property taxes are regressive.






29. The quality of land - labor - & capital are key factors that determine economic growth. Less - developed countries usually have high population densities. Low incomes retard economies by restricting the opportunity to consume goods.






30. Are the cornerstone of the US tax system.