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Economics Quiz Review #1
Test Description: Economics Quiz Review #1
Instructions: Answer all questions to get your test result.
1) What is consumption?
A
Making of goods and services
B
That which determines price
C
That which is given up when a choice is made
D
The using of goods and services
2) Trees are an example of what type of resource?
A
Capital
B
Entrepreneurship
C
Natural
D
Human
3) What does the interaction between supply and demand decide?
A
Consumer preferences
B
Mixed economies
C
Free markets
D
Price of goods and services
4) When supply is high and demand is low, the price of an item will be -
A
Low
B
High
C
Stay the same
D
None of the above
5) Jennifer works at the local pizza parlor. She bakes the pizza crust and slices vegetables. Jennifer is an example of which type of resource?
A
Natural
B
Human
C
Entrepreneurship
D
Capital
6) Which statement best describes the relationship between supply and demand?
A
Only way to increase demand for a product is to increase supply
B
Price is determined when supply equals demand
C
None of the Above
D
If the supply of a product is reduced, the demand for it is also reduced
7) When the 4 types of resources are combined to make a good or service.
A
Production
B
Consumption
C
Scarcity
D
Opportunity Cost
8) A local shoe store puts a buy 1 get 1 free sale sign in the window. This is an example of -
A
Incentive
B
Price
C
Opportunity Cost
D
Supply and Demand
9) Economics could best be described by which pair of words?
A
Banking, industry
B
Supply, demand
C
Scarcity, choices
D
Money, resources
10) A tractor is an example of what type of resource?
A
Capital
B
Human
C
Entrepreneurship
D
Natural
11) Mike has $10. He can buy his favorite CD or shirt. He decides to buy the CD. What term best represents the shirt?
A
His incentive
B
His supply
C
His demand
D
His opportunity cost
12) Which of the following contribute to the consumer price of a particular product INCREASING?
A
The item is widely available
B
The item is defective
C
The item is in short supply or in high demand
D
The item is produced by many different companies
*select an answer for all questions
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