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Exploring US Economics
Test Description: Final Economy Test
Instructions: Answer all questions to get your test result.
1) only having a certain amount of resources
A
scarcity
B
unlimited wants
C
limited resources
2) materials from nature, such as trees or water, that people use
A
scarcity
B
natural resources
C
capital resources
3) not having enough of something
A
scarcity
B
human resources
C
unlimited wants
4) people and the skills and knoledge they bring to their work
A
human resources
B
scarcity
C
natural resources
5) there is no end to how many things people want and need
A
limited resources
B
economics
C
unlimited wants
6) things that are used to produce goods and services
A
supply
B
capital resources
C
demand
7) the money a business has left over after all expenses have been paid
A
supply
B
competition
C
profit
8) when businesses sell the same good or service
A
supply
B
competition
C
demand
9) the amount of a product or service that is available for sonsumers to buy
A
supply
B
profit
C
opportunity cost
10) the desire of consumers to buy a good or service
A
profit
B
competition
C
demand
11) the study of the production, distribution, and consumption of goods and services
A
supply
B
profit
C
economics
12) the thing you give up when you choose something else
A
opportunity cost
B
your teddy bear
C
profit
13) someone who makes goods or provides services
A
market economy
B
producer
C
consumer
14) the desires and needs of consumers control what is produced
A
market economy
B
economic system
C
consumer sovereignty
15) trading of objects or ideas
A
exchange
B
income
C
price
16) the amount paid for a good or service
A
price
B
opportunity cost
C
productivity
17) the money people earn by working
A
profit
B
income
C
check
18) the pattern in which goods, services, and resources flow in the marketplace
A
price
B
circular flow
C
substitute good
19) a good used in place of another
A
price
B
exchange
C
substitute goods
20) a product sent to another country to be sold
A
incentive
B
export
C
import
*select an answer for all questions
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