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Chapter 2 Review
Test Description: Chapter 2 Review
Instructions: Answer all questions to get your test result.
1) Resources (4 factors of production) are the things necessary for making only what people need.
A
True
B
False
2) Two basic types of economic systems are a market economy and a command economy.
A
True
B
False
3) A shortage of resources is called
A
scarcity.
B
threat.
C
limitation.
D
reduction.
4) All of the following are factors of production except
A
capital resources.
B
natural resources.
C
educational resources.
D
labor resources.
5) The desire to make a profit is
A
risky.
B
profit motive.
C
greed.
D
rewarding.
6) Most nations have a
A
pure market economy.
B
pure command economy.
C
moderate command economy.
D
mixed economy.
7) Economies with greater governmental control of resources are considered more
A
nationalistic.
B
socialistic.
C
capitalistic.
D
communist.
8) The United States has a
A
communistic (command system).
B
free market system.
C
socialistic system.
D
dictatorial system.
9) A natural resource such as trees and grain that can be reproduced.
A
scarcity.
B
supply.
C
price.
D
renewable.
10) Choosing one resource or good over another.
A
opportunity cost.
B
price.
C
natural resources.
D
supply.
11) The amount of goods and services that producers will provide at various prices
A
supply
B
price
C
demand
D
economics
12) A shortage of resources
A
demand
B
price
C
scarcity
D
supply
13) Things used to produce goods and services
A
scarcity
B
economics
C
capital resources
D
natural resources
14) Raw materials from nature that are used to produce goods
A
capital resources
B
price
C
supply
D
natural resources
15) An individual who undertakes the creation, organization, and ownership of a business
A
entrepreneur
B
employee
C
president
D
customer
16) The amount of money given or asked for when goods and services are bought or sold
A
resource
B
supply
C
price
D
demand
17) An economic system in which a central authority makes the key economic decisions
A
supply economy
B
command economy
C
mixed economy
D
demand economy
18) The amount or quantity of goods and services that consumers are willing to buy at various prices
A
price
B
opportunity cost
C
supply
D
demand
19) The study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices
A
ethics
B
resources
C
price
D
economics
20) People who make the goods and services for which they are paid
A
capital resources
B
natural resources
C
command economy
D
mixed economy
*select an answer for all questions
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