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Economics Review
Test Description: All economics
Instructions: Answer all questions to get your test result.
1) ___________________ is the conflict between unlimited desires and a limited amount of resources.
A
production
B
supply and demand
C
consumption
D
scarcity
2) A(n) ____________________ is one that makes a good or provides a service to be sold.
A
producer
B
consumer
C
entrepreneur
D
entrepreneur and producer
3) Which of the following would be an example of a good?
A
dance lessons
B
a haricut
C
basketball shoes
D
gymnastics lessons
4) _____________________ is the study of how people manage their resources to meet needs and wants.
A
economics
B
culture
C
government
D
scarcity
5) In a __________________________ economy, the government will decide what, how, for whom to produce.
A
market
B
capitalistic
C
traditional
D
command
6) Which of the following would be most considered a “service” provider.
A
piano teacher
B
all of these are service providers
C
babysitter
D
football coach
7) In a _____________________________ economy, people mainly get products by making them themselves or by bartering.
A
command
B
mixed
C
traditional
D
market
8) In a ___________________________ economy, supply demand will mostly determine what will be produced without any government regulation(s).
A
market
B
traditional
C
mixed
D
command
9) A ____________________ is one that purchases or uses a good or service (buyer).
A
producer
B
pull factor
C
entrepreneur
D
consumer
10) wood is a ________________ resource
A
capital
B
none
C
natural
D
human
11) dentist is a ________________ resource
A
capital
B
human
C
natural
D
none
12) delivery truck is a ________________ resource
A
natural
B
human
C
none
D
capital
13) a vast desert is a natural trade barrier (TRUE OR FALSE)
A
false
B
true
14) a river is a natural trade corridor (TRUE OR FALSE)
A
false
B
true
*select an answer for all questions
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