Level 1,Test 1        Basic Structure of the United States

1.  In economic systems, goods and services are produced by entrepreneurs and managers bring together natural resources, technology and what other ingredient?

1. Labor

2. Money

3. Directives

4. Politics 

2.  The American economy is perhaps better described as a "mixed" economy, because private enterprise plays an important role along with what other entity?

1.  Labor

2. Politics

3. Banks

4. Government

3.  What does GDP mean?

1. Grand Deficit Pricing

2. Gross Domestic Product

3.  Gross Domestic Pricing

4. Grand Democratic Party

4.  When we talk about labor, we talk about the number of available workers and what other element?

1. Their age

2. Their quality and productivity

3.  Their background

4.  Their location

5.  The corporation is a voluntary association of owners who form a business enterprise governed by a complex set of rules and customs. Who are these owners?

1. Workers

2 Stockholders

3. Managers

4.  Citizens

6. Our gross domestic product measures the total output of goods and services over what period of time?

1. One year

2. One quarter (of a year)

3. One decade

4. One presidents term.

7.  GDP shows the market value of the goods and services an economy produces, but it does not weigh a nation's quality of life.

1. True

2. False

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