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