Economics Concepts

Is this your test? Login to manage it. If not, you can make a test just like it.

This is a non-interactive preview of the quiz content.

1 point

Which economic concepts says we all should be "equal" and make the same amount of money?

Capitalism

Socialism

Mercantilism

Communism

1 point

People in the Middle Ages used capitalism all the time

True

False

1 point

Capitalism is an economic system based upon_____________________.

one direction

private ownership

community ownership

partner ownership

1 point

Price is lowered when demand is low and supply is high.

True

False

1 point

Miles has a case of bottled water chilling on ice. He plans to sell this water during recess to raise money for the basketball team. Miles knows the best time to sell water is when_________________________.

The supply is low and the demand is low

the supply is high and the demand is high

the supply is low and the demand is high

the supply is high and the demand is low

1 point

Price is raised when demand is high and supply is high.

True

False

1 point

Why do people criticize capitalism?

In capitalism they take from the rich and give to the poor.

In capitalism everybody share with everybody else.

In capitalism there is an unequal distribution of wealth.

In capitalism Justin Beiber sings love yourself.

1 point

Which of the following is NOT one of the major aspects of Capitalism?

Profit Motive

Private Ownership

Government Ownership

Market Economy

1 point

Which economic concept is used most of the time in the United States?

Capitalism

Socialism

Mercantilism

Communism

10.

1 point

Which economic concept says we should help the people who don't work by taxing the people that do work?

Capitalism

Socialism

Mercantilism

Communism

Home Features Pricing FAQs Legal Sample Tests Build a Test Login/Sign Up