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Review Social Studies Part 3

In part three of our GED Social Studies prep, you get familiar with Economics concepts. Are you ready to test your knowledge? Take a 10-Question Practice Test.

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Question 1 of 8

1. Which of the following statements about the market economy is incorrect?
A.
B.
C.
D.
E.

Question 1 of 8

Question 2 of 8

2. If supply is ______ than demand the price goes down, if demand is ______ than supply the price goes up.
A.
B.
C.
D.

Question 2 of 8

Question 3 of 8

3. Which of the following statements about forms of unemployment is incorrect?
A.
B.
C.
D.
E.

Question 3 of 8

Question 4 of 8

4. 1. Economists will classify a market based on its structure.
2. Economists will classify a market based on the nature of competition within the market.
A.
B.
C.
D.

Question 4 of 8

Question 5 of 8

5. Macroeconomics is a branch of economics that focuses on which one of the following?
A.
B.
C.
D.
E.
F.

Question 5 of 8

Question 6 of 8

6. Which of the following descriptions of profit categories is incorrect?
A.
B.
C.
D.
E.
F.

Question 6 of 8

Question 7 of 8

7. 1. Banks earn their income by loaning out money and charging interest.
2. The amount of money available for banks to loan out does not affect the amount of spending in the overall economy.
A.
B.
C.
D.

Question 7 of 8

Question 8 of 8

8. Which of the following is incorrect?
A.
B.
C.
D.

Question 8 of 8


 

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