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CHAPTER 1: WHAT IS ECONOMICS
Test Description: ;
Instructions: Answer all questions to get your test result.
1) An economy at its production possibilities frontier is operating
A
without division of labor.
B
with slow economic growth.
C
at full potential.
D
as a free enterprise economy.
2) What occurs when a nation's total output of goods and services increases over time?
A
inflation
B
recession
C
unemployment
D
economic growth
3) Which of the following is NOT one of the four factors of production?
A
financing
B
land
C
capital
D
labor
4) The situation in which some necessities have little value while some non-necessities have a much higher value is known as
A
opportunity cost.
B
economic interdependence.
C
trade-offs.
D
paradox of value.
5) Manufactured goods needed to produce other goods and services are called
A
capital goods
B
consumer goods
C
nondurable goods.
D
gross domestic product
6) To arrive at an economic decision, a decision-making grid may be used to evaluate
A
only durable goods.
B
productivity.
C
alternative choices.
D
only capital goods.
7) Division of labor is a characteristic of
A
classroom education.
B
assembly line production.
C
home craft businesses.
D
entrepreneurship.
8) The study of economics is important because it enables us to
A
.describe our standard of living
B
become better decision makers.
C
determine what goods ought to be produced.
D
increase our consumption of consumer goods.
9) The dollar value of all final goods and services and the most comprehensive measure of a country's total production output is
A
Gross Domestic Product (GDP).
B
its standard of living.
C
financial capital.
D
a cost-benefit analysis.
10) A popular model used to illustrate the concept of opportunity cost is
A
the paradox of value.
B
the factors of production.
C
the production possibilities frontier.
D
entrepreneurship.
11) The money used to buy the tools and equipment needed for production is known as
A
the factors of production.
B
wealth
C
capital goods.
D
financial capital.
12) Actions in one part of the country or world that have an economic impact on what happens elsewhere are examples of
A
economic interdependence.
B
trade-offs.
C
opportunity costs.
D
specialization.
13) The study of how people try to satisfy their needs and wants through the use of limited resources is called
A
scarcity.
B
economics.
C
value.
D
opportunity costs.
14) What factor of production describes people with all their efforts, abilities, and skills?
A
entreprenuerial abilty
B
capital.
C
labor.
D
land.
15) What economic problem is caused by the condition of not having enough resources to produce all the things people want?
A
standard of lving
B
scarcity
C
opportunity costs
D
trade ofsf
16) What are the alternative choices made by consumers in the marketplace called?
A
opportunity costs
B
scarcity
C
trade offs
D
bartering
*select an answer for all questions
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