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Chapter 2 Review
Test Description: Chapter 2 Review
Instructions: Answer all questions to get your test result.
1) Resources (4 factors of production) are the things necessary for making only what people need.
A
False
B
True
2) Two basic types of economic systems are a market economy and a command economy.
A
False
B
True
3) A shortage of resources is called
A
scarcity.
B
threat.
C
reduction.
D
limitation.
4) All of the following are factors of production except
A
natural resources.
B
labor resources.
C
educational resources.
D
capital resources.
5) The desire to make a profit is
A
risky.
B
profit motive.
C
greed.
D
rewarding.
6) Most nations have a
A
mixed economy.
B
pure market economy.
C
pure command economy.
D
moderate command economy.
7) Economies with greater governmental control of resources are considered more
A
communist.
B
socialistic.
C
nationalistic.
D
capitalistic.
8) The United States has a
A
socialistic system.
B
communistic (command system).
C
dictatorial system.
D
free market system.
9) A natural resource such as trees and grain that can be reproduced.
A
scarcity.
B
renewable.
C
supply.
D
price.
10) Choosing one resource or good over another.
A
price.
B
supply.
C
opportunity cost.
D
natural resources.
11) The amount of goods and services that producers will provide at various prices
A
demand
B
economics
C
price
D
supply
12) A shortage of resources
A
price
B
demand
C
supply
D
scarcity
13) Things used to produce goods and services
A
scarcity
B
natural resources
C
economics
D
capital resources
14) Raw materials from nature that are used to produce goods
A
price
B
supply
C
capital resources
D
natural resources
15) An individual who undertakes the creation, organization, and ownership of a business
A
president
B
entrepreneur
C
customer
D
employee
16) The amount of money given or asked for when goods and services are bought or sold
A
price
B
supply
C
resource
D
demand
17) An economic system in which a central authority makes the key economic decisions
A
demand economy
B
command economy
C
supply economy
D
mixed economy
18) The amount or quantity of goods and services that consumers are willing to buy at various prices
A
demand
B
price
C
supply
D
opportunity cost
19) The study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices
A
economics
B
ethics
C
price
D
resources
20) People who make the goods and services for which they are paid
A
mixed economy
B
capital resources
C
natural resources
D
command economy
*select an answer for all questions
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