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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 difference between the total cost of production and the total revenues received from buyers
Opportunity Cost
Profit
Collective Bargaining
Market Price
2. The occupation for which you train and which you pursue as your life's work
Supply
Labor Unions
Opportunity Cost
Career
3. A savings plan with a set length of time that you must keep your money in the account
Time Deposit
Interest
Career
Opportunity Cost
4. A type of business in which two or more people share ownership
Partnership
Career
Interest
Variable Expenses
5. 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
Invest
Corporation
Supply
Consumption
6. The highest valued benefit given up when a choice is made
Free Enterprise
Opportunity Cost
Fixed Expenses
Market Price
7. The payment for use of capital
Liquidity
Interest
Occupational Outlook Handbook
Profit
8. The process by which representatives of unions and business try to reach agreement about wages and working conditions
Profit
Partnership
Collective Bargaining
Corporation
9. A plan by which a company gives protection from the cost of injury or loss
Dividends
Insurance
Fixed Expenses
Invest
10. Idea that resources are always limited compared with the number and variety of wants people have
Fringe Benefits
Opportunity Cost
Scarcity
Dividends
11. A person who starts a business
Entrepreneur
Interest
Corporation
Supply
12. 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
Boycott
Occupational Outlook Handbook
Mixed Economy
13. Anything produced in an economy that is used to produce other goods and services
Fixed Expenses
Technology
Capital
Disposable Income
14. Expenses that have to be paid regularly - usually every month - such as rent and car payments
Opportunity Cost
Capitalism
Sole Proprietorship
Fixed Expenses
15. The system in which individuals in a market economy are free to undertake economic activities with little or no control by the government
Market Economy
Factors of Production
Fringe Benefits
Free Enterprise
16. The amount of money left after taxes have been paid
Disposable Income
Boycott
Labor Unions
Corporation
17. The act of buying or using goods and services
Quantity
Market Price
Corporation
Consumption
18. A manufacturer's promise to repair something it it breaks within a certain time from the date of purchase
Fixed Expenses
Occupational Outlook Handbook
Warranty
Market Price
19. Resources people have for producing goods and services to satisfy their wants
Fringe Benefits
Factors of Production
Command Economy
Variable Expenses
20. The amount of a product or service that buyers are willing and able to buy at different prices
Invest
Traditional Economy
Demand
Time Deposit
21. Expenses that change from month to month
Variable Expenses
Technology
Partnership
Profit
22. 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
Capitalism
Entrepreneur
Career
23. When workers refuse to work unless employers meet certain demands
Mixed Economy
Traditional Economy
Strike
Labor Unions
24. 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
Time Deposit
Capitalism
Free Enterprise
Strike
25. Payments from the profits of companies in which they own stock
Capitalism
Opportunity Cost
Dividends
Strike
26. A business owned by an individual
Fixed Expenses
Corporation
Command Economy
Sole Proprietorship
27. A business that is separate from the people who own it and legally acts as a single person
Fixed Expenses
Boycott
Technology
Corporation
28. Refuse to buy
Fringe Benefits
Factors of Production
Fixed Expenses
Boycott
29. The ability to turn savings back into cash
Liquidity
Occupational Outlook Handbook
Disposable Income
Profit
30. The basic economic decisions are made according to long-established patterns of behavior that are unlikely to change
Supply
Traditional Economy
Invest
Interest
31. One that is a mixture of the three basic systems
Warranty
Mixed Economy
Traditional Economy
Fixed Expenses
32. Organizations of workers that seek to improve wages and working conditions and to protect members' rights
Career
Dividends
Warranty
Labor Unions
33. Indirect payments for work
Invest
Supply
Market Price
Fringe Benefits
34. The amount of a product that producers are willing and able to offer at different prices
Supply
Command Economy
Market Price
Profit
35. The government or a central authority owns or controls the factors of production and makes the basic economic decisions
Command Economy
Market Price
Free Enterprise
Career
36. The practical application of science to commerce or industry
Labor Unions
Quantity
Entrepreneur
Technology
37. Amount
Warranty
Quantity
Technology
Dividends
38. The price at which buyers and sellers agree to trade
Variable Expenses
Market Price
Supply
Insurance