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Economics Part 1
Test Description: Introduction to Economics, Economic Systems, and U.S. Economy
Instructions: Answer all questions to get your test result.
1) What is the definition of scarcity?
A
the selection of an item from a list of alternatives
B
the second best alternative
C
Limited resources cannot satisfy unlimited wants
D
the combining or resources to make goods and services
2) Which is not one of the four kinds of resources?
A
Infrastructure
B
Natural
C
Human
D
Entrepreneurship
3) What is opportunity cost?
A
The cost of production
B
consumer choice
C
The thing you chose when you make a choice
D
The thing you give up when you make a choice
4) What trait matches a command economy?
A
Central Authority - usually government
B
free enterprise
C
competition
D
consumer choice
5) What kind of economy does the US have?
A
Traditional
B
Command
C
Mixed
D
Free market
6) In what type of economy do individuals and the government both answer the basic questions of economics?
A
Command
B
Mixed
C
Traditional
D
Free Market
7) Which is not a basic question of economics?
A
Who will produce it?
B
How will it be produced?
C
What will be produced?
D
For whom will it be produced?
8) What type of economy does not allow private property?
A
All of these systems allow private property
B
Mixed
C
Free Enterprise
D
Command
9) What economic system is based on historical precedent?
A
Free Market
B
Mixed
C
Command
D
Traditional
10) What is the definition of consumption
A
the factors of production
B
the combining of resources to provide goods and services
C
the making of goods and services
D
the use of goods and services
11) Which is not a trait of a free market?
A
individual choice
B
consumer sovereignty
C
government involvement
D
competition
12) What does consumer sovereignty mean?
A
consumers control production
B
not listed
C
consumers are protected
D
consumer choice
13) In which economic system does the government control the public sector?
A
Free Market
B
Mixed
C
Traditional
D
Command
14) What is profit motive?
A
to be motivated by paying off debts
B
Consumers are motivated to make the most profitable choice
C
In a command economy, the government is motivated by profit to offer better goods or services
D
Producers are motivated to earn profits from goods and services they provide
15) What is free enterprise?
A
Consumers have the right to choose what to buy
B
Markets operate without interference from the government -price is set by supply and demand
C
the government regulates business to protect consumers
D
when producers have the freedom to set market prices
*select an answer for all questions
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