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Economics Review
Test Description: All economics
Instructions: Answer all questions to get your test result.
1) ___________________ is the conflict between unlimited desires and a limited amount of resources.
A
production
B
consumption
C
supply and demand
D
scarcity
2) A(n) ____________________ is one that makes a good or provides a service to be sold.
A
entrepreneur and producer
B
producer
C
entrepreneur
D
consumer
3) Which of the following would be an example of a good?
A
a haricut
B
basketball shoes
C
dance lessons
D
gymnastics lessons
4) _____________________ is the study of how people manage their resources to meet needs and wants.
A
scarcity
B
culture
C
government
D
economics
5) In a __________________________ economy, the government will decide what, how, for whom to produce.
A
command
B
capitalistic
C
traditional
D
market
6) Which of the following would be most considered a “service” provider.
A
piano teacher
B
babysitter
C
all of these are service providers
D
football coach
7) In a _____________________________ economy, people mainly get products by making them themselves or by bartering.
A
mixed
B
traditional
C
command
D
market
8) In a ___________________________ economy, supply demand will mostly determine what will be produced without any government regulation(s).
A
market
B
mixed
C
command
D
traditional
9) A ____________________ is one that purchases or uses a good or service (buyer).
A
pull factor
B
entrepreneur
C
consumer
D
producer
10) wood is a ________________ resource
A
capital
B
natural
C
none
D
human
11) dentist is a ________________ resource
A
none
B
natural
C
capital
D
human
12) delivery truck is a ________________ resource
A
none
B
natural
C
human
D
capital
13) a vast desert is a natural trade barrier (TRUE OR FALSE)
A
false
B
true
14) a river is a natural trade corridor (TRUE OR FALSE)
A
true
B
false
*select an answer for all questions
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