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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
supply and demand
B
production
C
consumption
D
scarcity
2) A(n) ____________________ is one that makes a good or provides a service to be sold.
A
consumer
B
entrepreneur and producer
C
producer
D
entrepreneur
3) Which of the following would be an example of a good?
A
gymnastics lessons
B
dance lessons
C
a haricut
D
basketball shoes
4) _____________________ is the study of how people manage their resources to meet needs and wants.
A
government
B
scarcity
C
economics
D
culture
5) In a __________________________ economy, the government will decide what, how, for whom to produce.
A
market
B
capitalistic
C
traditional
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
command
B
market
C
mixed
D
traditional
8) In a ___________________________ economy, supply demand will mostly determine what will be produced without any government regulation(s).
A
market
B
command
C
mixed
D
traditional
9) A ____________________ is one that purchases or uses a good or service (buyer).
A
entrepreneur
B
consumer
C
pull factor
D
producer
10) wood is a ________________ resource
A
natural
B
human
C
none
D
capital
11) dentist is a ________________ resource
A
natural
B
capital
C
none
D
human
12) delivery truck is a ________________ resource
A
capital
B
human
C
none
D
natural
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
true
B
false
*select an answer for all questions
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