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Economic Basics
Test Description: General Vocabulary relating to economics
Instructions: Answer all questions to get your test result.
1) When countries depend on other countries
A
scarcity
B
interdependence
C
economics
D
specialization
2) How are prices determined?
A
the amount a consumer is willing to spend
B
the amount a supplier is willing to supply
C
the amount of natural resources available
D
the intersection of supply/demand curves
3) to bring in or buy from other countries
A
scarcity
B
import
C
export
D
specialization
4) the value of your second best choice
A
opportunity cost
B
specialization
C
interdependence
D
scarcity
5) a country should concentrate on doing what it does best
A
productive resources
B
scarcity
C
natural resources
D
comparative advantage
6) when price increases, supply increases
A
Consumers
B
Law of supply
C
Law of demand
D
Producers
7) When price decreases, demand increases
A
Law of Demand
B
Producers
C
Law of Supply
D
Consumers
8) Having the advantage of producing certain goods is called what?
A
opportunity cost
B
scarcity
C
comparative advantage
D
absolute advantage
9) The maker of goods and services
A
human resources
B
producer
C
consumer
D
buyer
10) How an item will be produced is called what?
A
productive resources
B
human resources
C
capital goods
D
natural resources
*select an answer for all questions
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