Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
ECON Unit 2 Exam Review
Test Description: ECON Unit 2 Exam Review
Instructions: Answer all questions to get your test result.
1) The study of the allocation and creation of goods and services is called...
A
History
B
Economics
C
Social Science
2) ____________________believed in a free market people looking out for themselves in return helps society to use its resources more productively.
A
none of the answers
B
Thomas Mathus
C
Adam Smith
3) __________________is the basic economic problem.
A
Scarcity
B
none of the answers
C
Shortage
4) Land,__________________, and entrepreneurship are the three factors of production.
A
none of the answers
B
labor
C
resources
5) Scarcity and shortage have different meanings.
A
none of the answers
B
True
C
False
6) Which of the followng do Production Possibliities Graphs show?
A
opportunity costs
B
All of the answers
C
how efficient people use resources
D
trade offs
7) Which factor of production is defined as man made items?
A
labor
B
land
C
capital
8) Applying resources to make one item means there is more of another item.
A
none of the answers
B
False
C
True
9) ___________________is the highest valued trade off in decision making.
A
Opportunity cost
B
Scarcity
C
none of the answers
10) We must make decisions because resources are...
A
none of the answers
B
unlimited
C
scarce
11) Whatever option(s) you give up by making a decision is called...
A
none of the answers
B
trade off
C
opportunity cost
12) ________________means products are limited due to scarce resources
A
Scarcity
B
Shortage
C
none of the answers
13) ___________________is limited goods because the cost of production is high.
A
Shortage
B
none of the answers
C
Scarcity
14) Customers who are first in line, get served first. What type of allocation method is this?
A
First Come, First Serve
B
Rule of Force
C
none of the answers
15) Goods and services distributed or controlled by one or a few through violence describes the ___________________method
A
Rule by Force
B
First Come, First Serve
C
none of the answers
16) _____________is the allocation method where the politicans control the distribution of goods and services.
A
Market
B
Government
C
none of the above
17) Individuals or businesses distribute goods and services. This define the________________method of allocation.
A
Rule of force
B
Market
C
none of the answers
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?