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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
False
B
True
2) Scarcity is an ongoing part of the human condition.
A
False
B
True
3) Which of the following BEST defines labor?
A
means of production that produce a good or service
B
invested capital
C
work for which someone is paid
D
management
4) In order for a resource to be considered scarce it must be expensive.
A
False
B
True
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
make choices about how to use their resources
B
spend less money now so they have more in the future
C
design ways to recycle more of what they own
D
realize that they can never have what they want
7) A higher demand for a good or service than what is currently available in the market is the definition of __________.
A
scarcity
B
surplus
C
supply
D
shortage
8) Which of the following would solve the problem of scarcity in the world and eliminate the need for economics?
A
unlimited want and demand from consumers
B
an unlimited supply of resources
C
a scarcity of resources
D
a shortage of demand
9) Economists believe it is important to make __________ decisions about __________ resources.
A
popular . . . scarce
B
popular . . . plentiful
C
wise . . . scarce
D
quick . . . plentiful
10) Economics is the study of how society __________.
A
can gain increasing amounts of resources
B
uses scarce resources to satisfy its needs and wants
C
prevents shortages of its most popular goods and services
D
invests its money in different kinds of businesses
11) Which one of the following professionals provides goods for society’s consumers?
A
accountant
B
dentist
C
butcher
D
lawyer
12) Land is defined as all natural __________.
A
conditions
B
agriculture
C
resources
D
vegetation
13) Infrastructure is the basic structure used to support an entire __________.
A
government
B
economy
C
city
D
population
14) Infrastructure can consist of all of the following EXCEPT:
A
forests
B
roads
C
canals
D
airports
15) Entrepreneurs are different from the rest of the labor force because they are __________ and __________.
A
accountable . . . specialized
B
innovators . . . risk takers
C
imaginative . . . creative
D
determined . . . profit seekers
16) Improved technology allows workers to be more __________ and productive.
A
efficient
B
skilled
C
capable
D
economical
17) Each of the following investments contributes to a higher quality labor force EXCEPT:
A
retaining experienced workers
B
additional vacation and sick leave
C
health care
D
additional education and training
18) Which of the following is an important factor for continued economic growth?
A
a decrease in entrepreneurship
B
maintaining the level of physical capital
C
improved use of land
D
a smaller but more educated workforce
19) Societies make choices about goods and services based on the availability of __________.
A
workers
B
new technology
C
resources
D
land
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 city where the good is produced
C
the age of the average consumer
D
the price of the resource that goes into producing the good
*select an answer for all questions
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