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