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1. Someone who studies the development, distribution, and use of material wealth is call a(n) _________.
a. capitalist
b. economist
c. socialist
2. Two of the following are examples of products created from natural resources (raw materials) except __________.
a. using trees to make paper
b. using ore to make steel
c. using plastic to make safety glasses
3. Engineers who design and teachers who teach are examples of what kind of resource?
a. natural resource
b. capital
c. labor
4. The office equipment and supplies in an office are examples of what kind of resource?
a. natural resource
b. capital
c. labor
5. The Millers start a pizzeria restaurant. This is an example of which kind of economic system?
a. capitalism
b. socialism
c. communism
6. In the modern world, pure capitalism, socialism, and communism still exist.
a. True
b. False
7. The Food and Drug Administration decides which new medicines should be marketed in the United States. This is an example of ______________.
a. capitalism
b. socialism
c. mixed economy
8. Money or property that is owned or used in business is called __________________.
a. capital
b. revenue
c. expenses
9. A political system where the government provides services for everyone in that country is called ______________.
a. capitalism
b. socialism
c. communism
10. A political system where all property and wealth are shared equally by all of the members of that society is called ___________.
a. capitalism
b. socialism
c. communism
11. A political system where open competition is based on private ownership of businesses is called ____________.
a. capitalism
b. socialism
c. communism
12. Which of the following is a group of people who are legally authorized to form a single entity or business?
a. corporation
b. establishment
c. organization
13. Money received from labor or services is called __________.
a. taxes
b. earnings
c. levy
14. The term ___________ means inside a country; not foreign.
a. abroad
b. international
c. domestic
15. Actions that promote the standard of living and economic health of a specific area is called ________.
a. economic development
b. economic assistance
c. economic enhancement
16. A disagreement between entities or individuals and how resources will be used is called __________.
a. economic conflict
b. economic adversity
c. economic dispute
17. Which of the following is the right to take economic liberties and actions without unreasonable governmental interference?
a. economic advancement
b. economic freedom
c. economic choices
18. A(n) __________ is a person who takes on financial risk to start a business for profit.
a. co-worker
b. employee
c. entrepreneur
19. The individuals who make up the work or labor force of an organization is called ______________.
a. owners
b. entrepreneurs
c. human resources
20. Which of the following is a tax imposed by the government and paid by individuals and businesses for the income they receive?
a. penalty
b. income taxes
c. surplus
21. The average income per person in a certain area is called __________.
a. salary
b. wage
c. per capita income
22. Money that is made after subtracting the cost of doing business, taxes, and other expenses is called __________.
a. gross income
b. average income
c. net income
23. Money that is made before subtracting the cost of doing business, taxes, and other expenses is called ___________.
a. gross income
b. total income
c. net income
24. Money that a company makes by producing goods or providing services is called __________.
a. surplus
b. revenue
c. deficit
25. Which of the following is taxes paid by a consumer for goods and services?
a. revenue tax
b. income tax
c. sales tax
26. The term ______________ describes people who do not have jobs and are actively seeking employment.
a. unemployment
b. employment
c. industrious
27. The term _____________ describes where work is done by an employee in exchange for pay.
a. employer
b. organized labor
c. employment
28. A(n) __________ is a person or organization that hires and pays people to do work.
a. employee
b. employer
c. co-worker
29. A(n) _________ is a person paid wages or a salary to do work.
a. employee
b. employer
c. volunteer
Select the correct answer for each question from the choices given. When you have completed your quiz, check your answers.
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Social Studies: Introduction to Economics - Quiz
