Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Economics Chapter 1 Review
Test Description: Chapter 1 review
Instructions: Answer all questions to get your test result.
1) What is economics?
A
the study of the mind and how money affects it
B
the study a money and why we really need it
C
the study of how people and nations make choices about ways to use scarce resources to fulfill their wants and needs
D
the study of the past
2) What is scarcity?
A
desire individuals have that can be met by getting a good or service
B
to be afraid of money
C
a thing that can be used--natural resource, labor, capital--to make goods or services
D
the situation of not having enough resources to satisfy one's wants
3) What is the basic economic problem?
A
trade off
B
scarcity
C
opportunity costs
D
money
4) Which is NOT one of the three basic economic questions?
A
What goods and services will be produced?
B
How will they be produced?
C
Who will consume, or use, them?
D
When will it be time to leave economics class?
5) Which economic system does the US have?
A
market
B
command
C
traditional
D
mixed market
6) A mixed market is
A
an economic system in which decisions are made based on custom or habit
B
an economic system in which individuals and businesses own all resources and make economic decisions on the basis of price
C
an economic system in which the government makes the major economic decisions
D
a market economy that has elements of command and market
7) Sarah wants to buy clearance Valentine's Day candy for her friend. She narrows it down between conversation hearts and a heart-shaped box of chocolates. She buys the chocolates. What is her opportunity cost?
A
her friend that gets to eat the chocolate
B
the chocolates
C
the conversation hearts
D
she doesn't have an opportunity cost because she bought an item from the clearance section.
8) What is opportunity cost?
A
the third best option
B
the alternative you face when you decide to do one thing rather than another
C
your profit from a choice you have made
D
the cost of the next best use of time or money when choosing to do one thing or another
9) A trade off is
A
the combination of all fixed and variable costs
B
the alternative you face when you decide to do one thing rather than another
C
the money a business receives from selling its good or services
D
expenses that do change depending on how much a business produces
10) Benefit-cost analysis is
A
the combination of all fixed and variable costs
B
the additional income received from each increase of one unit of sales
C
an economic model that compares the marginal costs and marginal benefits of a decision
D
the money a business receives from selling its goods or services
11) Demand is
A
the amount of a good/service that consumers are willing and able to buy
B
a person who provides goods or services
C
the amount of a good/service that producers are willing and able to sell
D
a person who buys goods and services
12) What is a consumer?
A
a person who buys goods and services
B
a person who creates goods and services
C
a person who returns items
D
a person who works
13) What is supply?
A
the amount of a good/service that consumers are willing and able to buy
B
the amount of a good/service that producers are willing and able to sell
C
a person who provides goods or services
D
a person who buys goods and services
14) What happens to price and quantity demanded when there is downward movement along the demand curve?
A
Price increase, quantity demanded increases
B
Price decreases and quantity demanded increases.
C
Price increase, quantity demanded increases
D
Prices and demand stay the same
15) What happens to price and quantity demanded when there is upward movement along the demand curve?
A
Price increases and quantity demanded increases
B
Price and demand stay the same
C
Prices decrease and quantity demanded decrease
D
Price increases and quantity demanded decreases.
16) When you move down the supply curve, what happens to the price and the quantity supplied?
A
Price decreases and the quantity supplied increases
B
Price and supply stay the same
C
Price decreases and the quantity supplied decreases.
D
Price increases and the quantity supplied increases
17) When you move up the supply curve, what happens to the price and the quantity supplied?
A
Price increases and the quantity supplied decreases
B
Price decreases and the quantity supplied increases
C
Price increases and the quantity supplied increases
D
Price decreases and the quantity supplied decreases
18) The three types of resources are
A
Capital, money, labor
B
Natural resources, labor, capital
C
goods, services, money
D
Natural resources, cell phones, labor
19) In a traditional economy
A
government regulates trade between families
B
all resources are owned by the government
C
decisions of what, how, and for whom to produce are based on custom, habit, or family
D
nations produce goods to sell
20) Resources are
A
all the things we want
B
are never scarce
C
unlimited
D
all the things that can be used in making products or services that people want.
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?