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!

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Question 1 1. Crops grown with the specific intent to be predominately sold, rather than consumed by the grower are considered _____.

Question 2 2. What do we call businesses or manufacturing systems operating in a person's home?

Question 3 3. What is usually defined as the means in which a society transforms its resources into food and goods?

Question 4 4. Who created the central place theory?

Question 5 5. Which of these are most likely NOT true of industrialized societies?

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Question 6 6. Yellow Giant is a large producer of corn that owns all of its own farms and sells products to grocery chains to be packaged in cans or frozen and sold to consumers. Yellow Giant is considered a/an _____.

Question 7 7. Which of the following terms describes industries being situated near the raw materials needed to produce their products?

Question 8 8. Which term denotes characteristics of the countryside?

Question 9 9. Why is the central place theory helpful?

Question 10 10. Ancient authority figures began marking commodities with seals in order to

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Question 11 11. What do we call populations shifting from rural, agricultural areas to cities?

Question 12 12. Which of the following would most likely be distributed by a material distribution center?

Question 13 13. Why do coins also have limitations as a form of currency?

Question 14 14. What is the minimum market area needed for goods and services to be economically feasible?

Question 15 15. What type of distribution is defined as goods and services given freely, without any immediate expectation of return?

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Question 16 16. Who is credited with being the first to propose the idea of formal and substantive approaches to economics?

Question 17 17. The Industrial Revolution is usually linked to which centuries?

Question 18 18. Joe runs a birdhouse factory, in which each worker makes individual birdhouses. However, he decides to change the manufacturing process so that some workers are only responsible for cutting wood, and others are responsible for putting the pieces together. What process is Joe's factory undergoing?

Question 19 19. What do we call the assigning of different parts of a manufacturing procedure or tasks to different people in order to improve efficiency and productivity?

Question 20 20. Which of the below is most likely NOT true of non-industrialized society?

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Question 21 21. Why was barter likely NOT the basis of the economy?

Question 22 22. What is defined as the right to use or enjoy?

Question 23 23. How did cash crops and agribusinesses affect rural areas?

Question 24 24. Mark used to work at a large home goods factory. Now he knits and sews quilts at home, and he also sells them there. What kind of business has Mark started?

Question 25 25. Which term is defined as wealth in the form of money or other assets?

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Question 26 26. At Fielding Industries, Gerald is in charge of decisions related to the company's employees. Which of the following terms BEST describes Gerald's responsibilities?

Question 27 27. What type of distribution is occurring when the cost of a good is subject to supply and demand?

Question 28 28. Societies with a large tertiary sector have more individuals working in the _____ industry.

Question 29 29. Which of these was written by Polanyi?

Question 30 30. Which of these is NOT an example of market exchange?

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!

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