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Economics Quiz Review #2
Test Description: Economics Quiz Review #2
Instructions: Answer all questions to get your test result.
1) Which of the following are effects of scarcity?
A
Scarce products go on sale
B
Consumers must make choices
C
Price of scarce product decreases
D
Consumption of product increases
2) What is a natural resource that goes into producing a lemonade stand?
A
Lemons
B
Pitcher
C
Sign
D
Cups
3) What is the process of buying and using goods and services?
A
Goods
B
Distribution
C
Production
D
Consumption
4) What are the factors of production that are used to produce goods and services called?*
A
Scarcity
B
Incentives
C
Resources
D
Price
5) Jasmine has to decide between going to college and joining the workforce. What is the opportunity cost if she decides to go to college?
A
Money she could have made in the workforce
B
Cost of tuition, books, and room and board
C
Amount of time she will have to study
D
None of the Above
6) What is the amount of goods and services consumers are willing to buy at a certain price?
A
Consumption
B
Incentive
C
Demand
D
Supply
7) The workers in a factory are considered what type of resource?
A
Capital
B
Entrepreneurship
C
Human
D
Natural
8) Scarcity refers to -
A
the inability to satisfy all wants at the same time
B
what is given up when a choice is made
C
things used to change economic behavior
D
the factors of production
9) If supply is low and demand is high, the price of an item will be
A
High
B
None of the above
C
Low
D
Stay the same
10) Maggie did not buy a shirt she wanted until it went on sale. What was her incentive to buy the shirt?
A
Lack of Resources
B
Sale price
C
Supply
D
Original price
*select an answer for all questions
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