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Chapter 2 Review
Test Description: Chapter 2 Review
Instructions: Answer all questions to get your test result.
1) Resources (4 factors of production) are the things necessary for making only what people need.
A
False
B
True
2) Two basic types of economic systems are a market economy and a command economy.
A
True
B
False
3) A shortage of resources is called
A
limitation.
B
threat.
C
scarcity.
D
reduction.
4) All of the following are factors of production except
A
capital resources.
B
educational resources.
C
natural resources.
D
labor resources.
5) The desire to make a profit is
A
profit motive.
B
rewarding.
C
greed.
D
risky.
6) Most nations have a
A
mixed economy.
B
pure command economy.
C
moderate command economy.
D
pure market economy.
7) Economies with greater governmental control of resources are considered more
A
nationalistic.
B
communist.
C
capitalistic.
D
socialistic.
8) The United States has a
A
free market system.
B
communistic (command system).
C
socialistic system.
D
dictatorial system.
9) A natural resource such as trees and grain that can be reproduced.
A
renewable.
B
supply.
C
price.
D
scarcity.
10) Choosing one resource or good over another.
A
supply.
B
price.
C
opportunity cost.
D
natural resources.
11) The amount of goods and services that producers will provide at various prices
A
price
B
demand
C
economics
D
supply
12) A shortage of resources
A
scarcity
B
price
C
supply
D
demand
13) Things used to produce goods and services
A
capital resources
B
scarcity
C
economics
D
natural resources
14) Raw materials from nature that are used to produce goods
A
natural resources
B
supply
C
price
D
capital resources
15) An individual who undertakes the creation, organization, and ownership of a business
A
employee
B
entrepreneur
C
president
D
customer
16) The amount of money given or asked for when goods and services are bought or sold
A
price
B
supply
C
resource
D
demand
17) An economic system in which a central authority makes the key economic decisions
A
demand economy
B
supply economy
C
mixed economy
D
command economy
18) The amount or quantity of goods and services that consumers are willing to buy at various prices
A
supply
B
opportunity cost
C
demand
D
price
19) The study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices
A
price
B
ethics
C
resources
D
economics
20) People who make the goods and services for which they are paid
A
command economy
B
natural resources
C
mixed economy
D
capital resources
*select an answer for all questions
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