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Sports And Entertainment I ECONOMICS 3
Test Description: More economics 3.01
Instructions: Answer all questions to get your test result.
1) The three basic economic questions are:
A
what to produce, where to produce, when to produce
B
what to produce, how to produce, for whom to produce
C
what to produce, how to produce, what color to produce
D
who will produce it, when will they produce, why is this even an answer choice
2) value added by having a product at a certain time of year or a convenient time of day is:
A
time
B
possession
C
information
D
place
3) value added by exchanging a product for some monetary value
A
possession
B
time
C
information
D
place
4) a tangible item such as a CD player or a soccer ball
A
service
B
labor
C
capital
D
good
5) intangible items such as going to the circus
A
service
B
mars
C
good
D
labor
6) The point on a supply and demand curve where quantity demanded is equal to the quantity supplied
A
equillibrium
B
inequalities
C
balance
D
equal brain
7) The economic resource that includes all natural resources found in the earth, sea, and air
A
capital
B
land
C
entrepreneurship
D
labor
8) a form of government where there is increased government involvement and everything is based on the welfare of the people
A
Socialism
B
Capitalism
C
Communism
D
Welfarism
9) the study of how to meet unlimited wants with limited resources
A
land
B
entrepreneurship
C
economics
D
labor
10) Value added by having a product where customers can buy it is
A
time utility
B
possession utility
C
place utility
D
form utility
*select an answer for all questions
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