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QuizMoz offers one of the Internet's largest collection of quizzes for you to tease your brain and pit your wits against the experienced QuizMoz quiz masters. Go ahead and find out what you know about yourself and the world around you. Best of luck!! Coverage : The GED Practice Test - Social Science - Economics is designed to test the knowledge of the test taker about important aspects of Economics. This test covers various elements like Income, Poverty, and Inflation. This question is based upon the figure shown below 1.  Which of the following statements can be inferred from the Graph? a. The distribution of income is more unequal than the distribution of wealth b. The distribution of wealth is more unequal than the distribution of income c. Wealth and income are equally distributed d. None of the Above   This question is based upon the figure shown below 2.  What does the above table depict? a. Overall standard of living for the large majority of people is rising b. Overall standard of living for the large majority of people is falling c. Overall standard of living for the large majority of people has not changed significantly d. None of the Above     This Question is based on the following passage:   The poverty cut off amount for a family of four, as determined by the Social Security Administration, currently stands at around $16,000 (for a single person it is around $9,000). The Administration uses as a guide, which amounts an average family expenditure on necessary food expenses, and multiplies this by three to allow for expenditures on housing, clothing, insurance, entertainment, etc. As you can imagine, $16,000 (or $9,000) will not take a family (or person) very far financially. However approximately 15 percent, or about 38 million Americans currently earn this amount or less. While keeping in mind that many of America's poorest still live far better than many of the wealthiest people in non-industrialized countries, it is nevertheless disturbing to observe that a country as well as ours should have this much poverty. The next objective discusses reasons why so many people in our country are poor. 3.  Why a rich country like USA has so many people living below the line of poverty? a. People of United States pay heavy taxes on their earnings b. People of United States spend most of their Income on entertainment c. People of United States are financially better off continuing to receive the government handouts than if they would get off welfare and work d. None of the Above   This question is based upon the figure shown below 4.  Which of the following statements can be inferred from the above picture? a. To set up computer systems for your customers, you are free to use electrical, telephone, or computer systems of other people b. There is a government ceiling on the amount of profit any business enterprise can earn c. An individual has the right to own a city hall, a park or a highway d. Just as you are free to start a computer business, so is everyone else e. None of the Above   This question is based upon the figure shown below 5.  Which type of  economy is found in United States? a. Command Economy b. Developing Economy c. Market Economy d. None of the Above   This question is based upon the figure shown below 6.  With the above information, the Consumer Price Index in US: a. Rose in July 2005 b. Remained same in July 2005 c. Fell in July 2005 d. None of the Above   This question is based upon the figure shown below 7.  What effect can be seen with the rise in Inflation? a. The fall in the purchasing power of money b. Rise in the purchasing power of money c. The purchasing power of money remains constant d. None of the Above   This question is based upon the figure shown below 8.  What was the cause of negative Inflation in 1930s and 1940s? a. Increase in the use of cars b. Extensive stock market speculation c. Maldistibution of wealth d. Scientific and technology advancement e. None of the Above   This question is based upon the figure shown below 9.  Inflation suddenly rose in 1970s due to: a. Fall in the demand of commodities b. Stagnant business activity c. Fall in the interest rates d. Arab oil embargo e. None of the Above   This question is based upon the figure shown below 10.  Accoding to the above graph the unemployment rate in the United Sates was lowest in 2000. a. True b. False   This question is based upon the figure shown below 11.  What conclusions can be drawn using the details provided in the Graph? a. Cost cutting by companies resulted in low unemployment rate in 2003 b. Cost cutting by companies resulted in high unemployment rate in 2003 c. Unemployment rate has been gradually increasing after 2003 d. Bad weather conditions are mainly responsible for the high unemployment rate in 2003 e. None of the Above     This Question is based on the following passage:   At the end of the 1990s, it was still too early to assess the impact of the new law. There were some positive signs. Numerous smaller companies had begun offering local telephone service, especially in urban areas where they could reach large numbers of customers at low cost. The number of cellular telephone subscribers soared. Countless Internet service providers sprung up to link households to the Internet. But there also were developments that Congress had not anticipated or intended. A great number of telephone companies merged, and the Baby Bells mounted numerous barriers to thwart competition. The regional firms, accordingly, were slow to expand into long-distance service. Meanwhile, for some consumers -- especially residential telephone users and people in rural areas whose service previously had been subsidized by business and urban customers -- deregulation was bringing higher, not lower, prices. 12.  After the deregulation of telecom sector:   a. Residential telephone tariffs fell b. There was a boom in the cell phone market c. Internet service providers started giving free net access to its subscribers d. None of the Above   This question is based upon the figure shown below 13.  How has the SME's effected the US economy? a. SME's has contributed in raising the standard of living of the people b. SME's has contributed in increasing unemployment in the country c. SME's has contributed in decreasing the purchasing power of people d. None of the Above   This question is based upon the figure shown below 14.  What was the reason of Iraq's invasion of Kuwait in 1990? a. Kuwait's oil is of better quality b. Iraq will have more control over the worldwide distribution of oil c. Iraq can utilize the refineries of Kuwait to produce oil d. None of the Above   This question is based upon the figure shown below 15.  What conclusions can be drawn from the information in the Graph? a. China is a major importer of Electrical equipments b. Small and Medium Size Businesses are playing a large role in exporting to China c. Small and Medium Size Businesses are playing an insignificant role in exporting to China d. US high-technology products are not in much demand in China   16.  What is opportunity cost? a. The Price of the market b. The cost of a market c. The cost of a decision you make d. All of the above   17.  What is NOT a purpose of an economic system ? a. to decide what should be produces b. to decide for whom a product should be produced c. to decide what the consumer want d. to decide how a product should be produced   18.  what is 99 +1005 a. 1995 b. 2004 c. 2009 d. 2105   19.  what is 24 street and broadway located a. north side b. west side c. south side d. east side   Think you know more about this quiz!   Please enter your Name and what you would like to tell everyone about GED Practice Test - Social Science - Economics  Name: Think you know more about GED Practice Test - Social Science - Economics and would like others to know too? Whether its a great fact, a joke, a personal experience or an interesting anecdote, please share it with all the human beings on planet earth. Your contribution will help keep QuizMoz a free site for all.    (Optional)  (average submission size - 5 to 10 lines) Know the Latest News about GED Practice Test - Social Science - Economics! What others think about GED Practice Test - Social Science - Economics By: Franco on Sep 10, 2013    I feel like an idiot after taking this. By: SE. on Sep 19, 2010    Harder than it liiks By: brad larock on Oct 16, 2009    i hate social By: sule muhammed lawwal on Sep 16, 2009    It's great thiugh tough and technical, knowlwdge is the best wealth to acquire By: Mike on Sep 1, 2009    A world With Out Sound would be another way of living By: fate on Aug 31, 2009    this totally rocccckks its awesome !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! By: Ashley on Aug 15, 2009    haha this is hard and the GED test is not that hard but i liked it is good info By: deadra cue on Jun 30, 2009    i thought that the test was kinda hard By: Snah David on May 2, 2009    Thank you very much for goving me a chance to know some thins good . By: ken on Jan 23, 2009    good one By: mike on Oct 1, 2008    Im encarcerated in virginia. the ged test is not that hard, you just have to study for it. do your best and make yourself do 110%. by passing this, you will exceed in your future activities. 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