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SS Economics Test
Test Description: 1st test of 2nd nine weeks
Instructions: Answer all questions to get your test result.
1) ___________ is the conflict between unlimited desires and limited resources. In other words, there are not enough resources for everyone to have everything they need and want.
A
Economics
B
Isolation
C
Embargo
D
Scarcity
2) _____________ is the study of how a person or a group of people manage their available resources.
A
Economics
B
Sociology
C
Scarcity
D
Consolation
3) Which of the following would be an example of a natural resource?
A
Truck
B
Both A and B
C
Wood
D
Oil
4) Which of the following would be an example of human capital?
A
The knowledge and skills of a dentist
B
None of the above
C
The x-ray machine a dentist might use
D
Coal mined from the ground
5) Which of the following would be an example of physical capital?
A
The oven the master chef uses to prepare food
B
The cooking skills of a master chef
C
The knowledge of how to correctly slice vegetables.
D
The chicken that the master chef will use to make some fancy meal.
6) Which of the following would be an example of an entrepreneur.
A
The woman that decided to open up a toy factory to make profit.
B
An assembly line worker in a toy factory.
C
The electricity needed to run the machines in the toy factory.
D
A machine in a toy factory
7) Which of the following is NOT a question an economic system use by people must answer?
A
Where will we locate the government?
B
What will be produced?
C
How will we produce?
D
For whom will we produce?
8) __________ economy, hunting, gathering, farming would be the main ways that most people would produce the goods they need to survive.
A
Mixed
B
Command
C
Traditional
D
Market
9) ________ economy, the government will make ALL of the decisions about what should be produced. North Korea the former Soviet Union are examples of countries that have/had this type of economic system.
A
Mixed
B
Market
C
Command
D
Traditional
10) ________ economy the producers and consumers use the law of supply demand, without any government rules or regulations, to determine what should be produced?
A
Traditional
B
Mixed
C
Command
D
Market
11) _________ economy, supply demand may be used to determine what will be produced, but the government may create some economic laws for public safety. For example, the government might make it illegal for people under the age of 18 to buy tobacco.
A
Market
B
Command
C
Mixed
D
Traditional
12) The United Kingdom, Germany, Russia all have a _________________ economy, b/c the governments have some, but not total control, of their economies.
A
Traditional
B
Mixed
C
Market
D
Command
13) The government has decided that we will only be allowed to purchase two new pairs of pants each year with the money we make working at the government-owned canned-foods factory.” This type of economy is ________________.
A
Mixed
B
Market
C
Command
D
Traditional
14) I love having the freedom to open my own business. It may not be successful, but at least I can try to make myself wealthy.” The previous statement was most likely made by a person living in a country with a ___________________________ economy.
A
Mixed
B
Traditional
C
Market
D
Command
15) I live in a hut that I made from wood that my family gathered from the nearby forest. I spend most of my days fishing to have something to barter with in my small village and to feed my family.” The type of economy is _______________.
A
Market
B
Traditional
C
Mixed
D
Command
16) Only government-approved foods will be sold from now on. All private property has been taken and now belongs to the government.” The previous statement was most likely made by a person living in a country with a ___________________________ economy.
A
Traditional
B
Mixed
C
Market
D
Command
17) Which of the following would most likely NOT be a result of free trade?
A
Consumers might pay less for the goods they want
B
Producers would be able to sell their products in countries all over the world
C
Consumers would have more goods to choose from
D
Consumers would have less goods to choose from
18) A(n) _______________ is when a government places a tax on imported goods being sold in their country
A
Market
B
Tariff
C
Quota
D
Embargo
19) A(n) _______________ is when a government places a limit on the amount of imported goods that can come into the country.
A
Quota
B
Embargo
C
Market
D
Tariff
20) Why would country put a trade barrier, like a tariff, in place?
A
To make foreign goods more expensive, so domestic consumers will most likely not choose to buy them
B
To make foreign goods cheaper, so domestic consumers will most likely choose to buy them
C
To make domestic goods appear cheaper, so domestic consumers will most likely choose to buy them
D
Both B and C
*select an answer for all questions
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