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Economics
Test Description: Economics
Instructions: Answer all questions to get your test result.
1) A shortage can be either short-term or long-term, but it is not an ongoing condition.
A
True
B
False
2) Scarcity is an ongoing part of the human condition.
A
True
B
False
3) Which of the following BEST defines labor?
A
means of production that produce a good or service
B
management
C
invested capital
D
work for which someone is paid
4) In order for a resource to be considered scarce it must be expensive.
A
True
B
False
5) It is possible for a resource to be scarce in one part of the world and plentiful in another.
A
True
B
False
6) According to economists, as a result of scarcity, people must __________.
A
design ways to recycle more of what they own
B
spend less money now so they have more in the future
C
realize that they can never have what they want
D
make choices about how to use their resources
7) A higher demand for a good or service than what is currently available in the market is the definition of __________.
A
shortage
B
supply
C
surplus
D
scarcity
8) Which of the following would solve the problem of scarcity in the world and eliminate the need for economics?
A
a scarcity of resources
B
an unlimited supply of resources
C
a shortage of demand
D
unlimited want and demand from consumers
9) Economists believe it is important to make __________ decisions about __________ resources.
A
popular . . . scarce
B
popular . . . plentiful
C
quick . . . plentiful
D
wise . . . scarce
10) Economics is the study of how society __________.
A
invests its money in different kinds of businesses
B
prevents shortages of its most popular goods and services
C
uses scarce resources to satisfy its needs and wants
D
can gain increasing amounts of resources
11) Which one of the following professionals provides goods for society’s consumers?
A
lawyer
B
accountant
C
dentist
D
butcher
12) Land is defined as all natural __________.
A
conditions
B
vegetation
C
resources
D
agriculture
13) Infrastructure is the basic structure used to support an entire __________.
A
government
B
population
C
city
D
economy
14) Infrastructure can consist of all of the following EXCEPT:
A
airports
B
roads
C
forests
D
canals
15) Entrepreneurs are different from the rest of the labor force because they are __________ and __________.
A
innovators . . . risk takers
B
determined . . . profit seekers
C
accountable . . . specialized
D
imaginative . . . creative
16) Improved technology allows workers to be more __________ and productive.
A
capable
B
skilled
C
economical
D
efficient
17) Each of the following investments contributes to a higher quality labor force EXCEPT:
A
additional vacation and sick leave
B
retaining experienced workers
C
additional education and training
D
health care
18) Which of the following is an important factor for continued economic growth?
A
improved use of land
B
maintaining the level of physical capital
C
a decrease in entrepreneurship
D
a smaller but more educated workforce
19) Societies make choices about goods and services based on the availability of __________.
A
resources
B
land
C
workers
D
new technology
20) The price paid by a consumer for a particular good is most influenced by which of the following?
A
the length of time it takes to produce the good
B
the age of the average consumer
C
the price of the resource that goes into producing the good
D
the city where the good is produced
*select an answer for all questions
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