Economics Review: Question Preview (ID: 32577)


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___________________ is the conflict between unlimited desires and a limited amount of resources.
a) consumption b) scarcity c) supply and demand d) production
A(n) ____________________ is one that makes a good or provides a service to be sold.
a) consumer b) entrepreneur c) producer d) entrepreneur and producer
Which of the following would be an example of a good?
a) basketball shoes b) a haricut c) dance lessons d) gymnastics lessons
_____________________ is the study of how people manage their resources to meet needs and wants.
a) government b) culture c) scarcity d) economics
In a __________________________ economy, the government will decide what, how, for whom to produce.
a) command b) market c) traditional d) capitalistic
Which of the following would be most considered a “service” provider.
a) football coach b) babysitter c) piano teacher d) all of these are service providers
In a _____________________________ economy, people mainly get products by making them themselves or by bartering.
a) market b) command c) traditional d) mixed
In a ___________________________ economy, supply demand will mostly determine what will be produced without any government regulation(s).
a) market b) command c) traditional d) mixed
A ____________________ is one that purchases or uses a good or service (buyer).
a) consumer b) entrepreneur c) producer d) pull factor
wood is a ________________ resource
a) natural b) human c) capital d) none
dentist is a ________________ resource
a) human b) capital c) natural d) none
delivery truck is a ________________ resource
a) capital b) natural c) human d) none
a vast desert is a natural trade barrier (TRUE OR FALSE)
a) true b) false c) d)
a river is a natural trade corridor (TRUE OR FALSE)
a) true b) false c) d)
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