US GED Social Advanced Economics Test 3

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Author: TestGru Team (Education Specialist)

20 questions · All questions on one page

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GED & Citizenship — Test 3 (Ged Social Advanced Economics) High School & Adult (GED/Citizenship, USA) USA GED & USCIS (100 Civics) — USA

What is this test? for GED or US Citizenship (USCIS 100), USA — High School & Adult (GED/Citizenship, USA) level, USA.
For adults: GED (high school equivalency) or Naturalization/Citizenship (USCIS) in the USA — is this your path?
Section: GED & Citizenship — Test 3 (Ged Social Advanced Economics) · Education: High School & Adult · Part: GED & Citizenship — Test 3 (Ged Social Advanced Economics) · Country: USA

Civics knowledge is crucial for knowing individual rights and responsibilities and understanding government structure.

This test is designed to assess your knowledge of constitutional law and essential civics.

By solving this test of 20 questions, you can both test your knowledge and identify the topics you need to improve.

Question 1

What happens when price rises?

A) Demand falls

B) Demand rises

C) No change

D) Supply falls

Question 2

What is profit?

A) Loss

B) Gain over cost

C) Break even

D) No sales

Question 3

What is trade?

A) No exchange

B) Gifts only

C) Buying selling across

D) Barter only

Question 4

What is welfare?

A) Free college

B) Tax cuts

C) Farm subsidies

D) Need-based assistance

Question 5

What is interest?

A) Borrowing cost

B) Free money

C) Savings gift

D) Tax refund

Question 6

What is outsourcing?

A) Hiring local

B) Hiring abroad

C) Firing all

D) Closing shop

Question 7

Which term means "Falling prices"?

A) economics

B) scarcity

C) deflation

D) supply

Question 8

Provide the definition of scarcity:

A) Endless goods

B) No wants

C) Free all

D) Limited resources

Question 9

Which term means "Legal pay floor"?

A) minimum wage

B) economics

C) scarcity

D) supply

Question 10

Which term means "Money keeper lender"?

A) economics

B) a bank

C) scarcity

D) supply

Question 11

Provide the definition of a budget:

A) Tax bill

B) Bank loan

C) Spending plan

D) Savings jar

Question 12

Which term means "Earnings levy"?

A) economics

B) scarcity

C) supply

D) income tax

Question 13

Which of the following best defines competition?

A) Rival sellers

B) One seller

C) No sellers

D) Government only

Question 14

Which of the following best defines loss?

A) Profit

B) Cost over gain

C) Break even

D) No sales

Question 15

Which term means "Choice under scarcity"?

A) scarcity

B) supply

C) economics

D) demand

Question 16

Which of the following best defines a stock?

A) Bond

B) Loan

C) Bill

D) Company share

Question 17

Which of the following best defines supply?

A) Available amount

B) Wanted amount

C) Price level

D) Sold total

Question 18

Which of the following best defines Social Security?

A) Health insurance

B) Retirement safety net

C) Unemployment only

D) Food stamps

Question 19

Which term means "Worker group"?

A) economics

B) scarcity

C) a union

D) supply

Question 20

What best defines savings?

A) Spent money

B) Borrowed money

C) Lost money

D) Kept money

US GED Social Advanced Economics Test 3

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