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Economics
Test Description: Economic Systems
Instructions: Answer all questions to get your test result.
1) This is NOT a factor of production
A
Land
B
Labor
C
Wants
D
Capital
2) The study of how people or nations use their scarce resources to satisfy their unlimited wants and needs.
A
Economics
B
Diplomacy
C
Human Resources
D
Entrepreneurship
3) Examples are money, buildings, equipment, and tools
A
Credit
B
Free enterprise
C
Capital
D
Entrepreneurship
4) This is also referred to as human resources
A
Payroll
B
Capital
C
Communism
D
Labor
5) Refers to the fact that people want more than they can have
A
scarcity
B
resources
C
labor
D
capital
6) This is the type of economic system with the most freedom to run a business.
A
Communism
B
Capitalism
C
Democracy
D
Socialism
7) This is the economic system that has the most government control.
A
Capitalism
B
Socialism
C
Communism
D
Democracy
8) The United States is an example of this type of economic system
A
Capitalism
B
Communism
C
Socialism
D
Democracy
9) The following is NOT an example of a natural resource
A
Oil
B
Computers
C
Minerals
D
Trees
10) People who invest time and money to run a business
A
Bank Executive
B
Credit Manager
C
Entrepreneurs
D
Shift Manager
*select an answer for all questions
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