Copyright
WEST-E Social Studies (028): Study Guide & Practice  /  History Courses

Test Prep Plan - Take a practice test

Take this practice test to check your existing knowledge of the course material. We'll review your answers and create a Test Prep Plan for you based on your results.
How Test Prep Plans work
1
Answer 50 questions
Test your existing knowledge.
2
View your test results
Based on your results, we'll create a customized Test Prep Plan just for you!
3
Study smarter
Study more effectively: skip concepts you already know and focus on what you still need to learn.

Basic Economic Concepts & Economic Systems Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. Which of the following is NOT true regarding types of economic systems?

Question 2 2. What do you call an economy whose goals are determined by a central ruling body?

Question 3 3. How does inflation prevent most of the money in use today from serving as a pure store of value?

Question 4 4. Money is a medium of exchange because:

Question 5 5. What is the equilibrium point?

Page 2

Question 6 6. Prices are neutral because:

Question 7 7. What are the factors of production?

Question 8 8. Which of the following is an injection into the circular flow model?

Question 9 9. Scarcity means:

Question 10 10. Economics looks at

Page 3

Question 11 11. What is the standard of living?

Question 12 12. Economists define Real GDP per capita as which of the following?

Question 13 13. All of the economic inputs that are required to produce goods and services are called:

Question 14 14. The physical effort of people to produce goods or services describes which factor of production?

Question 15 15. Movement along the supply and demand curve is caused by changes in the quantity demanded or quantity supplied as a result of _____ changes.

Page 4

Question 16 16. If the price of televisions were to fall, then how would the market be affected?

Question 17 17. 'The quantity of a good decreases as the price for that same good increases' is known as what?

Question 18 18. When purchasing a particular item, which of the following shows an example of how prices can affect the consumer's purchase?

Question 19 19. What does a shift of the demand curve to the right indicate?

Question 20 20. An increase in household incomes across the nation leads to an increase for the demand for coffee. How would the demand/supply curve change?

Page 5

Question 21 21. How is labor productivity, measured as output per worker, affected by economic drivers?

Question 22 22. Human capital refers to which of the following?

Question 23 23. Which of the following factors determine how much a reference group has influence on a consumer buying decision?

Question 24 24. Which of the following refers to generally held beliefs that closely connect to culture about what is acceptable and desirable?

Question 25 25. Which type of economy is based on customs?

Page 6

Question 26 26. Why is gold NOT considered money?

Question 27 27. Why are prices in a market economy considered to be efficient?

Question 28 28. Which of the following statements is true regarding the relationships in a market economy?

Question 29 29. The perpetual problem in economics is:

Question 30 30. In the long run, what is a country's standard of living dependent on?

Basic Economic Concepts & Economic Systems Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Support