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What Is Economics?
Test Description: Review of chapter 21
Instructions: Answer all questions to get your test result.
1) What is economics?
A
the study of how people choose to use thier limited resources to produce goods and services
B
the study of how people grow vegetables
C
the study of money
D
a course I'm forced to take
2) What are goods?
A
things that people get for free
B
something someone does for someone else
C
products that people use
D
something that is good
3) What are services?
A
activities that people do for other people
B
a way to make money
C
products that people buy
D
places people go to shop
4) What is scarcity?
A
When people want more than they can have
B
having more than you need
C
buying the newest item
D
goods and services that are available
5) What are needs?
A
Anything in the store
B
Things people want to make them happy
C
An Ipod
D
Things that people have to have to survive
6) What are wants?
A
Things that people desire, but do not need
B
Air, water, shetler, clothes
C
A movie on HBO
D
Scarce resources
7) What are natural resources?
A
things found in nature
B
a place to get goods
C
a magazine
D
the problem in enconomics
8) What are renewable resources?
A
A resource that can be replaced
B
Human labor
C
Oil
D
A teacher
9) What is human resource?
A
trees
B
a marketing strategy
C
not an important part of economics
D
Labor
10) What are entrepreneurs?
A
an idea
B
people who start their own business
C
a resource
D
people who work for other people
*select an answer for all questions
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