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ECON Unit 2 Exam Review
Test Description: ECON Unit 2 Exam Review
Instructions: Answer all questions to get your test result.
1) The study of the allocation and creation of goods and services is called...
A
Social Science
B
History
C
Economics
2) ____________________believed in a free market people looking out for themselves in return helps society to use its resources more productively.
A
Thomas Mathus
B
none of the answers
C
Adam Smith
3) __________________is the basic economic problem.
A
Scarcity
B
none of the answers
C
Shortage
4) Land,__________________, and entrepreneurship are the three factors of production.
A
resources
B
labor
C
none of the answers
5) Scarcity and shortage have different meanings.
A
True
B
False
C
none of the answers
6) Which of the followng do Production Possibliities Graphs show?
A
how efficient people use resources
B
opportunity costs
C
trade offs
D
All of the answers
7) Which factor of production is defined as man made items?
A
land
B
capital
C
labor
8) Applying resources to make one item means there is more of another item.
A
True
B
none of the answers
C
False
9) ___________________is the highest valued trade off in decision making.
A
Opportunity cost
B
Scarcity
C
none of the answers
10) We must make decisions because resources are...
A
scarce
B
none of the answers
C
unlimited
11) Whatever option(s) you give up by making a decision is called...
A
opportunity cost
B
none of the answers
C
trade off
12) ________________means products are limited due to scarce resources
A
none of the answers
B
Shortage
C
Scarcity
13) ___________________is limited goods because the cost of production is high.
A
none of the answers
B
Scarcity
C
Shortage
14) Customers who are first in line, get served first. What type of allocation method is this?
A
Rule of Force
B
none of the answers
C
First Come, First Serve
15) Goods and services distributed or controlled by one or a few through violence describes the ___________________method
A
Rule by Force
B
none of the answers
C
First Come, First Serve
16) _____________is the allocation method where the politicans control the distribution of goods and services.
A
Government
B
none of the above
C
Market
17) Individuals or businesses distribute goods and services. This define the________________method of allocation.
A
Market
B
none of the answers
C
Rule of force
*select an answer for all questions
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