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CHAPTER 1: WHAT IS ECONOMICS
Test Description: ;
Instructions: Answer all questions to get your test result.
1) An economy at its production possibilities frontier is operating
A
with slow economic growth.
B
without division of labor.
C
as a free enterprise economy.
D
at full potential.
2) What occurs when a nation's total output of goods and services increases over time?
A
recession
B
inflation
C
unemployment
D
economic growth
3) Which of the following is NOT one of the four factors of production?
A
financing
B
labor
C
land
D
capital
4) The situation in which some necessities have little value while some non-necessities have a much higher value is known as
A
economic interdependence.
B
opportunity cost.
C
paradox of value.
D
trade-offs.
5) Manufactured goods needed to produce other goods and services are called
A
nondurable goods.
B
gross domestic product
C
capital goods
D
consumer goods
6) To arrive at an economic decision, a decision-making grid may be used to evaluate
A
only capital goods.
B
productivity.
C
alternative choices.
D
only durable goods.
7) Division of labor is a characteristic of
A
entrepreneurship.
B
classroom education.
C
assembly line production.
D
home craft businesses.
8) The study of economics is important because it enables us to
A
increase our consumption of consumer goods.
B
.describe our standard of living
C
become better decision makers.
D
determine what goods ought to be produced.
9) The dollar value of all final goods and services and the most comprehensive measure of a country's total production output is
A
a cost-benefit analysis.
B
financial capital.
C
Gross Domestic Product (GDP).
D
its standard of living.
10) A popular model used to illustrate the concept of opportunity cost is
A
entrepreneurship.
B
the paradox of value.
C
the production possibilities frontier.
D
the factors of production.
11) The money used to buy the tools and equipment needed for production is known as
A
capital goods.
B
the factors of production.
C
wealth
D
financial capital.
12) Actions in one part of the country or world that have an economic impact on what happens elsewhere are examples of
A
trade-offs.
B
economic interdependence.
C
specialization.
D
opportunity costs.
13) The study of how people try to satisfy their needs and wants through the use of limited resources is called
A
scarcity.
B
opportunity costs.
C
value.
D
economics.
14) What factor of production describes people with all their efforts, abilities, and skills?
A
capital.
B
entreprenuerial abilty
C
labor.
D
land.
15) What economic problem is caused by the condition of not having enough resources to produce all the things people want?
A
scarcity
B
opportunity costs
C
trade ofsf
D
standard of lving
16) What are the alternative choices made by consumers in the marketplace called?
A
opportunity costs
B
trade offs
C
scarcity
D
bartering
*select an answer for all questions
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