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Introduction To Economics Concept Review #1
Test Description: Introduction to Economics Concept Review #1
Instructions: Answer all questions to get your test result.
1) Which of the following illustrates an economic response to the problem of scarcity?
A
Practicing your golf swing.
B
Drinking milk so you can have stronger bones.
C
Studying for a test.
D
Making sure that everyone at your birthday party has at least one piece of cake.
2) Economics is the study of how people manage _________________.
A
their money only
B
available resources
C
relationships with other people
D
their emotions
3) When you go to the barber to get a haircut, you are consuming ________________.
A
a service
B
a good
C
BOTH a good AND a service
D
NEITHER a good NOR aservice.
4) When you and your family go out to eat in a restaurant, you are consuming __________________.
A
a service
B
BOTH a good AND a service
C
a good
D
NEITHER a good NOR a service.
5) Which of the following would be an example of a consumer?
A
A child that sets up a lemonade stand in her neighborhood.
B
A kid at baseball practice.
C
A woman that works at a bakery.
D
A boy that buys a video game.
6) A karate instructor that teaches self defense to people in his backyard for a small fee, would be considered ________________.
A
a consumer
B
a producer
C
None of These
D
physical capital
7) Which of the following would be considered a NATURAL resource.
A
the knowledge and skill of a dentist
B
a great business idea
C
wood
D
a computer
8) The skills and talent of a professional basketball player would be considered which of the following factors of production?
A
Human Capital
B
Physical Capital
C
Consumption
D
Natural Resource
9) What sort of physical capital would a carpenter need to build a house?
A
wood
B
the ability to use a hammer
C
None of These
D
a hammer
10) The conflict between unlimited desire or demand and a limited amount of resources.
A
Production
B
Economics
C
Scarcity
D
Cosumption
*select an answer for all questions
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