Economics Practice Test

27 Questions  I  By Jessicaleague
this practice test is for review only.  you can attempt IT as often as you like.  your scores will not be recorded.

  
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1.   What is the study of economic behavior and decision making of small units, such as individuals, families, and businiesses called?
A.
B.
C.
D.
2.  Which country represents a substantial degree of socialism?
A.
B.
C.
3.  What is financial compensation in exchange for labor?
A.
B.
C.
4.  When a state agrees to lower a tax rate for one corporation so that the corporation builds a plant or factory in that state, it is an example of what?
A.
B.
C.
5.  What is the concentration of the productive efforts of individuals and firms on a limited number of activities? 
A.
B.
C.
D.
6.  What is the point at which the quantity demanded and the quantity supplied are equal called? 
A.
B.
C.
D.
7.  The machines and robots at the KIA plant are an example of what?
A.
B.
C.
8.  Corporations are in business for what?
A.
B.
C.
9.  What is an eeconomic or productive factor required to accomplish an activity? 
A.
B.
C.
D.
10.  What is a payment made my an employer to an employee? 
A.
B.
C.
D.
11.  How much did it cost KIA to build their plant in Georgia?
A.
B.
C.
12.  What is an economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services? 
A.
B.
C.
D.
13.  What are two goods that are bought and used together? 
A.
B.
C.
D.
14.  What is a legal entity owned by individual stockholders? 
A.
B.
C.
D.
15.   What is it called when you have limited quantities of resources used to meet unlimited wants?
A.
B.
C.
D.
16.  What is a market structure in which many companies sell products that are similar but not identical? 
A.
B.
C.
D.
17.  What is the desire to own something and the ability to pay for it called? 
A.
B.
C.
D.
18.  When a consumer buys a car from a dealership, this is an example of what?
A.
B.
C.
19.  What is a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society? 
A.
B.
C.
D.
20.  What is the hourly wage at KIA?
A.
B.
C.
21.  The KIA plant was built by which country?
A.
B.
C.
22.  The KIA plant was built in what Georgia city?
A.
B.
C.
23.  At full capacity, the KIA plant should produce how many vehicles per year?
A.
B.
C.
24.  What is the measure of how consumers react to a change in price? 
A.
B.
C.
D.
25.  What is the financial gain made in transactions? 
A.
B.
C.
D.
26.  What is a formal organization of producers that agree to coordinate prices and production? 
A.
B.
C.
D.
27.  If a person makes a necklace that only costs $2.00 to make, and then sells the necklace for $12.00, they made a $10.00 ____?_____. 
A.
B.
C.
D.
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