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Test your basic knowledge |
CSET Economics
Start Test
Study First
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. Is the monetary return or other material benefits from currently produced goods & services.
Ability to Pay and Benefits Received
Political institutions
Economy
The degree of gov. control
2. 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
Modern capitalism can be divided into basic sectors.
The basis of economics is that society must make choices
Economy
Capitalism
3. 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.
Political institutions
The US economy
The basis of economics is that society must make choices
In our modern society -
4. Of government activity comes from its spending - taxing - and public debt policies.
The major types of gov. activities
The major economic impact
The basis of economics is that society must make choices
All civilized societies
5. 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.
The degree of gov. control
Benefits Received
There are 4 basic universals of economics that are present in all types of economic organizations
In our modern society -
6. Areas of the world have shown limited economic growth.
In our modern society -
The various types of taxes include
The underdeveloped
Production
7. Based on concepts of modern capitalism.
The basis of economics is that society must make choices
All civilized societies
Foreign policy
The US economy
8. Organized to fulfill basic social needs
The major economic impact
The underdeveloped
All civilized societies
Capitalism
9. Provide a method to analyze the goods & services in a society.
Urbanization
Private ownership
There are 4 basic universals of economics that are present in all types of economic organizations
Political institutions
10. Transmit the ideals & values of society.
There are 4 basic universals of economics that are present in all types of economic organizations
Political institutions
Restricted growth is the result of a combination of many factors.
Educational & religious institutions
11. Is a theory that bases taxation in accordance with income and wealth position.
Ability to Pay
Industrialization
Economy
Production
12. Fulfills primary & basic needs.
The institution of the family
Industrialization
All civilized societies
Modern capitalism can be divided into basic sectors.
13. Has to do with its ability to command goods & services. Measuring changes in the value of the dollar is a key economic concept.
Production
Private ownership
The various types of taxes include
The purchasing power of the dollar
14. 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.
All civilized societies
The major types of gov. activities
There are 4 basic universals of economics that are present in all types of economic organizations
The various types of taxes include
15. Is a theory that bases taxation in accordance with the benefits received by the taxpayer; hunting & fishing fees are examples.
The purchasing power of the dollar
Production
Benefits Received
Economy
16. Of property is fundamental to a capitalistic society.
The underdeveloped
Economy
There are 4 basic universals of economics that are present in all types of economic organizations
Private ownership
17. People have simply demanded more of government.
Wealth
Urbanization
Modern capitalism can be divided into basic sectors.
In our modern society -
18. Commitments & military expenditures have had lasting effects on the role of government in the economy.
Ability to Pay and Benefits Received
Political institutions
Educational & religious institutions
Foreign policy
19. 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.
Production
Benefits Received
Political institutions
Ability to Pay and Benefits Received
20. Of the world's population is economically deprived.
Wealth
Two - thirds
In our modern society -
Measuring economic variables
21. Is a measurement of assets on hand at a given point in time.
Wealth
The major economic impact
Benefits Received
Restricted growth is the result of a combination of many factors.
22. Are the cornerstone of the US tax system.
Political institutions
Ability to Pay and Benefits Received
The basis of economics is that society must make choices
The degree of gov. control
23. In the economy include direct controls over the economy - ownership of production (for example - Hoover Dam) - and welfare expenditures.
The major types of gov. activities
Ability to Pay and Benefits Received
Private ownership
Educational & religious institutions
24. And influence in our economy has steadily grown throughout history.
Modern capitalism can be divided into basic sectors.
The degree of gov. control
All civilized societies
Political institutions
25. Has created problems in providing essential public services such as police and fire protection and sewage disposal.
There are 4 basic universals of economics that are present in all types of economic organizations
The major types of gov. activities
Private ownership
Urbanization
26. Has created problems in labor - management relations that government seems to be able to handle best.
Capitalism
Benefits Received
Industrialization
There are 4 basic universals of economics that are present in all types of economic organizations
27. Provides a means of analyzing the economy.
Measuring economic variables
Foreign policy
The US economy
The Role of Government in the US Economy
28. A competitive - free - market - free - price system is necessary for capitalism to function efficiently.
Ability to Pay
Capitalism
The degree of gov. control
All civilized societies
29. ...see following cards.
The purchasing power of the dollar
The US economy
The Role of Government in the US Economy
Foreign policy
30. 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.
Urbanization
Restricted growth is the result of a combination of many factors.
Educational & religious institutions
The basis of economics is that society must make choices