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Intro Ch 2 Quiz
Test Description: Ch 2 quiz
Instructions: Answer all questions to get your test result.
1) A shortage of resources is called
A
threat.
B
scarcity.
C
reduction.
D
limitation.
2) All of the following are factors of production except
A
labor resources
B
natural resources.
C
capital resources
D
educational resources
3) In a market economy, resources are
A
plentiful.
B
privately owned.
C
scarce.
D
shared
4) In a command economy, resources and businesses are owned and controlled
A
by other countries.
B
by groups of people in a co-op
C
by the government.
D
privately
5) In a market economy, the higher the price,
A
the more profit the business will make
B
the less consumers will buy
C
the better the quality of the product offered
D
the higher the demand for the product.
6) In a command economy,
A
highly skilled workers are not needed
B
highly skilled workers earn the same as low-skilled workers
C
highly skilled workers earn less than low-skilled workers
D
highly skilled workers earn more than low-skilled workers.
7) Most nations have a
A
mixed economy
B
moderate command economy
C
pure market economy
D
pure command economy
8) Some natural resources, such as wheat and cattle, are
A
irreplaceable.
B
renewable.
C
imported.
D
artificially produced
9) Deciding to use a resource for one purpose and giving up the chance to use it for something else is
A
sacrifice
B
risky.
C
trade-off
D
opportunity cost.
10) The desire to make a profit is
A
rewarding
B
greed.
C
risky
D
profit motive
*select an answer for all questions
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