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BML Test 1 Set 3
Test Description: Test 1 Set 3
Instructions: Answer all questions to get your test result.
1) The largest producer of goods and services in the world is
A
Korea.
B
Japan.
C
the United States.
D
China.
2) The largest consumer of goods and services in the world is
A
Japan.
B
Korea.
C
China.
D
the United States.
3) The basic economic problem stems from
A
not understanding Keynes and Hayek.
B
having more resources than you can spend.
C
having unlimited wants and needs along with limited resources.
D
not having enough money to pay your bills.
4) In every nation on earth,
A
individuals have the same wants and needs.
B
people must deal with the problem of scarcity.
C
workers have the ability to produce the same goods and services.
D
economic resources are owned and controlled by the government.
5) If everybody had an unlimited supply of economic resources, which of these would not exist?
A
needs
B
capitalism
C
wants
D
scarcity
6) All nations must decide
A
which goods and services to produce.
B
all of these.
C
which wants and needs are most critical.
D
what combination of resources will best suit its circumstances.
7) Who owns the economic resources in a market economy?
A
business owners and entrepreneurs, but not consumers.
B
the tribal elders.
C
the government.
D
the people of the country.
8) Another name for the economic system in the United States is
A
private enterprise.
B
capitalism.
C
free enterprise.
D
any of these.
9) Which of these is NOT an especially important principle of the US economic system?
A
profit
B
freedom of choice
C
private property
D
tradition
10) Ceteris paribus, as the price of a product increases,
A
consumers will want to purchase larger quantites of the product.
B
producers will want to supply larger quantites of the product.
C
the supply curve will slope downward.
D
demand will increase.
*select an answer for all questions
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