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Q3 Test #2 Review (Economics)
Test Description: Q3 Test #2 Review (Economics)
Instructions: Answer all questions to get your test result.
1) (RR1) Which of the following would be an example of a PRODUCER?
A
a man in the hospital being treated for an illness
B
a person with no job that sits on the couch all day
C
a child that buys a video game
D
a woman that owns operates an Italian restaurant
2) (RR1) Which of the following would be an example of a CONSUMER?
A
a child that buys a video game
B
a doctor
C
a woman that owns operates an Italian restaurant
D
a person that works in a toy factory
3) (RR2) Which type of economy can be described as one where currency would not likely be used people focus primarily on producing only what they need to survive?
A
Market
B
Mixed
C
Traditional
D
Command
4) (RR2) Which type of economy can be described as one where producers consumers are free to make their own economic decisions without any influence from a government?
A
Traditional
B
Command
C
Mixed
D
Market
5) (RR2) Which type of economy can be described as one where business owners are free to make some economic decisions, but the government does set some guiding rules regulations?
A
Mixed
B
Command
C
Traditional
D
Market
6) (RR2) Which type of economy can be described as one in which the existing government makes all economic decisions?
A
Command
B
Market
C
Traditional
D
Mixed
7) (RR3) In a market economy, 4 Factors of Production are employed to make most goods. The WOOD used to make a birdhouse would be an example of which factor of production?
A
Human Capital
B
Physical Capital
C
Natural Resource
D
Entrepreneur
8) (RR3) In a market economy, 4 Factors of Production are employed to make most goods. The CHAINSAW used to cut down trees for wood would be an example of which factor of production?
A
Physical Capital
B
Entrepreneur
C
Human Capital
D
Natural Resource
9) (RR3) In a market economy, 4 Factors of Production are employed to make most goods. The woodworking knowledge/skill of a master carpenter would be an example of which factor of production?
A
Physical Capital
B
Entrepreneur
C
Human Capital
D
Natural Resource
10) (RR3) In a market economy, 4 Factors of Production are employed to make most goods. The BUSINESS OWNER that owns/operates a birdhouse factory would be an example of which factor of production?
A
Natural Resource
B
Entrepreneur
C
Human Capital
D
Physical Capital
11) (RR2) The most common type of economy found in the world today is:
A
Traditional
B
Command
C
Market
D
Mixed
12) (RR4-B) When FREE TRADE occurs, consumers will have more choices of goods to choose from.
A
TRUE
B
X
C
X
D
FALSE
13) (RR4-C) When trade barriers are put into place, consumers will have more choices of goods to choose from.
A
FALSE
B
TRUE
C
X
D
X
14) (RR4) If a good is “domestic”, it means that it was made in your own country.
A
FALSE
B
x
C
TRUE
D
x
15) (RR4) If a good is “foreign”, it means that it was made in your own country.
A
x
B
FALSE
C
x
D
TRUE
16) (RR4-B) If “Free Trade” occurs, domestic producers might have to lower their prices to compete with foreign producers.
A
TRUE
B
x
C
x
D
FALSE
*select an answer for all questions
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