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Economics Review
Test Description: All economics
Instructions: Answer all questions to get your test result.
1) ___________________ is the conflict between unlimited desires and a limited amount of resources.
A
scarcity
B
consumption
C
production
D
supply and demand
2) A(n) ____________________ is one that makes a good or provides a service to be sold.
A
entrepreneur and producer
B
producer
C
consumer
D
entrepreneur
3) Which of the following would be an example of a good?
A
gymnastics lessons
B
basketball shoes
C
dance lessons
D
a haricut
4) _____________________ is the study of how people manage their resources to meet needs and wants.
A
scarcity
B
culture
C
government
D
economics
5) In a __________________________ economy, the government will decide what, how, for whom to produce.
A
traditional
B
capitalistic
C
market
D
command
6) Which of the following would be most considered a “service” provider.
A
all of these are service providers
B
football coach
C
piano teacher
D
babysitter
7) In a _____________________________ economy, people mainly get products by making them themselves or by bartering.
A
traditional
B
mixed
C
market
D
command
8) In a ___________________________ economy, supply demand will mostly determine what will be produced without any government regulation(s).
A
command
B
mixed
C
traditional
D
market
9) A ____________________ is one that purchases or uses a good or service (buyer).
A
producer
B
entrepreneur
C
consumer
D
pull factor
10) wood is a ________________ resource
A
natural
B
none
C
human
D
capital
11) dentist is a ________________ resource
A
human
B
capital
C
natural
D
none
12) delivery truck is a ________________ resource
A
human
B
capital
C
natural
D
none
13) a vast desert is a natural trade barrier (TRUE OR FALSE)
A
true
B
false
14) a river is a natural trade corridor (TRUE OR FALSE)
A
false
B
true
*select an answer for all questions
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