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Economics
Test Description: Chapter's 1 2 Information.
Instructions: Answer all questions to get your test result.
1) What are the four factors of production?
A
land, capital, labor, entrepreneurship
B
entrepreneurship, land, capital, profit
C
land, capital, value, entrepreneurship
D
land, capital, analysis, labor
2) Which of the following is NOT a basic economic question?
A
WHAT to produce
B
WHEN to produce
C
FOR WHOM to produce
D
HOW to produce
3) What is the fundamental economic problem?
A
scarcity
B
capital
C
utility
D
value
4) For something to have value, it must
A
be on sale.
B
never go out of style.
C
have utility.
D
cost a lot of money.
5) All of the following are characteristics of a free-enterprise economy EXCEPT
A
voluntary exchange.
B
government control.
C
economic freedom.
D
private property.
6) The government plays all of the following roles in the American economy EXCEPT
A
consumer of products.
B
regulator of business.
C
protector of consumers.
D
central planner deciding what to produce.
7) The American economic system can be described as having a
A
free enterprise system.
B
traditional system.
C
quota system.
D
command economy.
8) An advantage of a market economy is its ability to
A
sell goods at a high price.
B
limit consumer choices.
C
control the price of labor.
D
adjust to changes over time.
9) During period of inflation, people living on a fixed income have
A
declining purchasing power.
B
no voice in the government.
C
unlimited resources.
D
no financial problems.
10) How do consumers exercise their power in the American economy?
A
by deciding what to purchase
B
by working for businesses
C
by saving their money
D
by becoming entrepreneurs
*select an answer for all questions
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