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