Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Unit 1 Review
Test Description: Basic Economic Principals Test Review
Instructions: Answer all questions to get your test result.
1) If a country is thinking it should direct most of its resources to the production of hot dogs & not bombs, which one of the three basic economic questions is focusing on?
A
What to produce?
B
How to produce?
C
For whom to produce?
D
Where to produce?
2) In the United States, we use what to decide \
A
Wealth and Price
B
Price and Products
C
Wealth
D
Price
3) Which of the following are the four key elements within the scope of economics
A
Description, Analysis, Conclusion, and Prediction
B
Analysis, Conclusion, Explanation, and Understanding
C
Understanding, Prediction, Review, and Forshadow
D
Description, Analysis, Explanation, and Prediction
4) Which of factors of production is the sun?
A
Capital
B
Land
C
Entrepreneur
D
Labor
5) Which of factors of production is the hardest thing to explain?
A
Land
B
Capital
C
Entrepreneur
D
Labor
6) Which of factors of production would a building be?
A
Capital
B
Labor
C
Entrepreneur
D
Land
7) Opportunity cost can always be expressed in term of the TIME you give up.
A
Not this one
B
True
C
Not this one
D
False
8) Outside (to the right) the Product Possibilities Frontier curve/line is impossible
A
Not this one
B
False
C
Not this one
D
True
9) Absolute Advantage is when a country can to produce a good at a lower opportunity cost than another nation.
A
True
B
False
C
Not this one
D
Not this one
10) Paradox of value helps explain why...
A
the price of roman noodles
B
you are still sitting in class
C
how diamonds are more expensive than basic needs
D
water is a necessity
*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?