Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Economics
Test Description: Economics
Instructions: Answer all questions to get your test result.
1) Land, labor, capital, and entrepreneurship are the
A
basis of employment.
B
results of supply and demand.
C
factors of production.
D
results of production
2) Which of the terms is the BEST synonym for the word entrepreneur?
A
employee
B
home owner
C
business owner
D
student
3) What is the definition of labor (one of the productive resources)?
A
the goods and services a business produces
B
the equipment needed to produce goods
C
the people needed to produce goods
D
the factories in which goods are made
4) Which of these is an example of a natural resource?
A
trees
B
mechanic
C
carpenter
D
chairs
5) How are prices for goods and services determined in a market economy?
A
by producers and consumers
B
by labor unions
C
by the Federal government
D
by state governments
6) What is a major advantage of keeping money in a savings account?
A
It can never be spent
B
It is more convenient than keeping it at home.
C
It can earn you extra money in interest
D
It cannot be used until it has been there for over 1 year.
7) Which of these is a function of banks in the United States?
A
printing money to Americans to spend
B
providing checking and savings accounts to customers
C
making rules for the national economy
D
building homes and factories to employ people
8) How is a low price an incentive to a consumer?
A
Low prices are incentive for producers to stop selling.
B
Low prices are incentive to consumers to buy less
C
Low prices are incentive to producers to sell more
D
Low prices serve as incentive to buy more.
9) What happens if a person spends more money than one earns?
A
The person's debt will increase.
B
The person's income will decrease.
C
The person will go bankrupt.
D
The person's credit will increase.
10) What is the advantage to spending less money than is earned?
A
You have to make no spending sacrifices.
B
You will have lower bills.
C
You can save money for future purposes.
D
You never have to worry about money.
11) Which of these is a function of government in the United States?
A
producing television shows to entertain the public
B
making goods and services and making profits
C
charging and collecting taxes to provide public services
D
making loans to people so they can purchase items for their homes
12) Which of these is the BEST example of something provided by the government?
A
highways
B
homes
C
cars
D
airplanes
13) Countries and individuals both have consequences for decisions they make. Which term refers to the next best choice given up when another decision is made?
A
revenue
B
risk analysis
C
scarcity
D
opportunity cost
14) What is the best economic description of a market?
A
buying or selling things on the internet
B
the exchange of goods or services by producers and consumers
C
a building or location where people can buy goods and services from others
D
an outdoor booth where fresh fruit and vegetable are sold
15) What is the role of private business in the production of goods and services?
A
They produce the goods and services based on what consumers are willing and able to buy.
B
They decide what taxes will be charged on the goods they make.
C
They establish the federal laws, enforce contracts and protect property rights.
D
They provide the resources to the individuals who produce the goods and services sold in the marketplace.
16) Which of these provides the BEST definition of voluntary exchange?
A
the balance between public and private owners in an economy
B
a market that is controlled by the state and private sectors
C
the act of people freely buying and selling in a market
D
a system of economics in which one leader makes decisions
17) Which of these is an example of voluntary exchange?
A
A company is forced to sell its goods to another company
B
A student is paying a homeowner to rent an apartment.
C
A person can no longer afford his car and the bank takes it back.
D
A landowner must sell part of her property to pay taxes
18) The first step in creating a budget is
A
cutting back on expenses.
B
knowing what your income is.
C
listing all of your expenses.
D
getting a bank account.
19) The second step in creating a budget is
A
getting a bank account
B
knowing what your income is.
C
listing all of your expenses.
D
cutting back on expenses.
20) Which of these is a type of human resource that could have gone into making a piece of cake?
A
the person who baked it in an oven
B
the person who saw a commercial for the store
C
the person who ate it in a restaurant
D
the person who bought it in a store
*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?