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POB - Ch. 1.1-1.3
Test Description: Quiz review
Instructions: Answer all questions to get your test result.
1) Human Resources are:
A
goods/services produced by humans.
B
the humans producing goods/services.
C
All of the above.
D
economic resources produced by humans.
2) _____________ is not having enough resources to satisfy every need.
A
Trade-off
B
The basic economic problem
C
Opportunity cost
D
Scarcity
3) Government officials decide what and how goods are produced and how they will be distributed and consumed.
A
Market economy
B
Traditional economy
C
Mixed economy
D
Command economy
4) The final step in the decision making process is
A
defining the problem at hand.
B
reviewing the decision that was made.
C
making the decision.
D
evaluating advantages and disadvantages of choices.
5) Thomas is looking to buy a new printer for his sign business. This is a ______ resource.
A
economic
B
natural
C
human
D
capital
6) ____________ is the value of the next best alternative that you were not able to choose.
A
Profit
B
Trade-off
C
Opportunity cost
D
Economic decision making
7) Typically characteristic of less developed countries that don’t yet participate in the global economy.
A
Mixed economy
B
Market economy
C
Command economy
D
Traditional economy
8) __________refers to the concept that you can make economic decisions independently, without government intervention, but you also must accept the consequences of those decisions.
A
Profit
B
Private property
C
Competition
D
Freedom of Choice
9) All of the following are economic questions asked of a country when deciding on an economic system:
A
Where will the goods and services be produced?
B
What needs and wants will be satisfied with the goods and services produced?
C
How will the goods and services be produced?
D
What goods and services will be produced?
10) Profit is __________________.
A
the money left after all taxes have been paid.
B
the money collected from cash transactions.
C
the money left from sales after all of the costs of operating a business have been paid.
D
the money from sales made by the company.
*select an answer for all questions
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