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Economics Concepts Review #2
Test Description: Economics
Instructions: Answer all questions to get your test result.
1) The study of how people manage their available resources.
A
religion
B
economics
C
culture
D
government
2) Someone that makes a good or provides a service.
A
enterepeneur
B
could be a producer and/or an entrepreneur
C
producer
D
consumer
3) Which of the following would be the best example of a consumer?
A
someone that owns a babysitting business
B
someone that buys and eats an ice cream cone
C
someone that works in a factory
D
someone that makes birdhouses to sell
4) Which type of economy would you find in the United Kingdom?
A
pure command
B
traditional
C
pure market
D
mixed
5) A domestic good is one that is made in your own country.
A
x
B
x
C
FALSE
D
TRUE
6) A foreign good is one that is made in your own country.
A
x
B
TRUE
C
x
D
FALSE
7) (RR4) A market(place) is anywhere goods/services are bought/sold.
A
x
B
TRUE
C
FALSE
D
x
8) Wood is an example of a(n) _______________________
A
physical capital
B
entrepreneur
C
natural resource
D
human capital
9) The knowledge/skill of a veterinarian would be an example of ___________________.
A
a natural resource
B
none of these is correct
C
physical capital
D
human capital
10) (RR3) If a pizza shop owner buys a new oven to make the pizza he sells better and faster, he would be investing in _________________.
A
an entrepreneur
B
human capital
C
physical capital
D
a natural resource
11) Free trade allows consumers to have more goods to choose from maybe even at a lower price.
A
x
B
x
C
TRUE
D
FALSE
12) INFER: Sometimes a tariff/quota is called PROTECTIONISM because they might protect domestic producers from having to compete with foreign companies with better/cheaper products.
A
FALSE
B
TRUE
C
x
D
x
13) Today, Russia has a pure command economy.
A
x
B
x
C
TRUE
D
FALSE
14) Germany has a pure market economy, in which the people make all economic decisions and the government has no role at all.
A
FALSE
B
x
C
x
D
TRUE
15) An import quota is NOT a limit on the amount of foreign goods that can be imported to a country.
A
FALSE
B
TRUE
C
x
D
x
16) Milk is a(n) _____________________________________
A
example of human capital
B
example of a natural resource
C
example of physical capital
D
entrepreneur
17) If a lawn service business owner pays someone to teach her workers how to repair the lawn mowers, she would be investing in _____________________ .
A
physical capital
B
a GUARANTEED way to make more money.
C
entrepreneur
D
human capital
18) A delivery truck is a(n) ___________________.
A
example of a natural resource
B
example of entrepreneurship
C
example of human capital
D
example of physical capital
19) In the United States, the citizens are free to make most economic decision on their own, but the government does make some things (like cocaine) illegal. This is why the US is considered to have a _____________________________ economy.
A
pure market
B
pure command
C
mixed
D
communist
20) Which of the following is NOT one of the 4 Factors of Production in a market economy.
A
Entrepreneurship
B
Human Capital
C
Government
D
Physical Capital
*select an answer for all questions
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