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Chapter 3 Review (Economics)
Test Description: Economics test for Louisiana History Students
Instructions: Answer all questions to get your test result.
1) A large, complex business enterprise that has many investors called shareholders
A
Commerce
B
Scarcity
C
Corporation
D
Tariff
2) A tax placed on goods imported into the United States
A
Tariff
B
Corporation
C
Economy
D
Commerce
3) Buying and selling goods
A
Economy
B
Commerce
C
Scarcity
D
Corporation
4) How people manage material resources in a community or other organized body
A
Scarcity
B
Corporation
C
Economics
D
Tariff
5) The condition that exists when people and societies try to satisfy unlimited wants with limited resources
A
Commerce
B
Tariff
C
Scarcity
D
Economy
6) Replanting trees in areas that have been cut
A
Reforestation
B
Demand
C
Smuggling
D
Producers
7) Secret and illegal trade
A
Smuggling
B
Producers
C
Goods
D
Demand
8) The quantity of a good or service consumers are willing to buy
A
Producers
B
Smuggling
C
Demand
D
Goods
9) The person or group of people who use resources to make goods or provide resources
A
Reforestation
B
Producers
C
Goods
D
Demand
10) An economy that depends on agriculture and bartering in which economic decisions are based on customs, beliefs, or habits
A
Traditional Economy
B
Market Economy
C
Command Economy
11) An economy in which the government directs the economic system and tries to control how producers answer the four basic economic questions
A
Traditional Economy
B
Market Economy
C
Command Economy
12) An economy in which economic decisions are made at an individual level with the four basic questions answered by producers
A
Command Economy
B
Traditional Economy
C
Market Economy
13) Which of the following is NOT one of the four basic economic questions?
A
Who will produce it?
B
How will it be produced?
C
How much will be produced?
D
What will be produced?
14) Lumber mills, sugar refineries,a nd oil refineries are all examples of
A
capital resources
B
natural resources
C
biological resources
D
Human resources
15) Which of the following statements is FALSE?
A
In a command economy, the government is the director.
B
In a command economy, the government controls what, how, and where something is produced
C
An example of a country with a command economy is the United States.
D
In a command economy, the government controls people’s access to goods and services.
16) Things that people would like to have in order to make their lives easier are called __________.
A
Needs
B
Hamburgers
C
Wants
D
Desires
17) Which of the following is NOT an example of a manufacturing industry in Louisiana?
A
Air Crafts
B
Petrochemicals
C
Shipbuilding
D
Electrical equipment
18) Banks, small businesses, and corporations are all examples of…
A
Labor Unions
B
Economic Institutions
C
Capital Resources
D
Economic Indicators
19) Which of the following is an example of level of economy?
A
National
B
Global
C
All of the above
D
State
20) Which of the following are considered major Service Industries in Louisiana?
A
Tourism and movie making
B
Tourism and shipbuilding
C
Movie making and petrochemicals
D
Shipbuilding and petrochemicals
*select an answer for all questions
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