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Economics Chapter 1 Review
Test Description: Chapter 1 review
Instructions: Answer all questions to get your test result.
1) What is economics?
A
the study a money and why we really need it
B
the study of the mind and how money affects it
C
the study of how people and nations make choices about ways to use scarce resources to fulfill their wants and needs
D
the study of the past
2) What is scarcity?
A
the situation of not having enough resources to satisfy one's wants
B
desire individuals have that can be met by getting a good or service
C
to be afraid of money
D
a thing that can be used--natural resource, labor, capital--to make goods or services
3) What is the basic economic problem?
A
money
B
opportunity costs
C
trade off
D
scarcity
4) Which is NOT one of the three basic economic questions?
A
When will it be time to leave economics class?
B
Who will consume, or use, them?
C
How will they be produced?
D
What goods and services will be produced?
5) Which economic system does the US have?
A
mixed market
B
command
C
market
D
traditional
6) A mixed market is
A
a market economy that has elements of command and market
B
an economic system in which decisions are made based on custom or habit
C
an economic system in which individuals and businesses own all resources and make economic decisions on the basis of price
D
an economic system in which the government makes the major economic decisions
7) Sarah wants to buy clearance Valentine's Day candy for her friend. She narrows it down between conversation hearts and a heart-shaped box of chocolates. She buys the chocolates. What is her opportunity cost?
A
the chocolates
B
the conversation hearts
C
her friend that gets to eat the chocolate
D
she doesn't have an opportunity cost because she bought an item from the clearance section.
8) What is opportunity cost?
A
the cost of the next best use of time or money when choosing to do one thing or another
B
the third best option
C
your profit from a choice you have made
D
the alternative you face when you decide to do one thing rather than another
9) A trade off is
A
the combination of all fixed and variable costs
B
expenses that do change depending on how much a business produces
C
the alternative you face when you decide to do one thing rather than another
D
the money a business receives from selling its good or services
10) Benefit-cost analysis is
A
the combination of all fixed and variable costs
B
the additional income received from each increase of one unit of sales
C
an economic model that compares the marginal costs and marginal benefits of a decision
D
the money a business receives from selling its goods or services
11) Demand is
A
the amount of a good/service that producers are willing and able to sell
B
the amount of a good/service that consumers are willing and able to buy
C
a person who buys goods and services
D
a person who provides goods or services
12) What is a consumer?
A
a person who creates goods and services
B
a person who works
C
a person who buys goods and services
D
a person who returns items
13) What is supply?
A
a person who buys goods and services
B
a person who provides goods or services
C
the amount of a good/service that producers are willing and able to sell
D
the amount of a good/service that consumers are willing and able to buy
14) What happens to price and quantity demanded when there is downward movement along the demand curve?
A
Prices and demand stay the same
B
Price increase, quantity demanded increases
C
Price decreases and quantity demanded increases.
D
Price increase, quantity demanded increases
15) What happens to price and quantity demanded when there is upward movement along the demand curve?
A
Prices decrease and quantity demanded decrease
B
Price increases and quantity demanded decreases.
C
Price and demand stay the same
D
Price increases and quantity demanded increases
16) When you move down the supply curve, what happens to the price and the quantity supplied?
A
Price increases and the quantity supplied increases
B
Price decreases and the quantity supplied decreases.
C
Price decreases and the quantity supplied increases
D
Price and supply stay the same
17) When you move up the supply curve, what happens to the price and the quantity supplied?
A
Price decreases and the quantity supplied decreases
B
Price decreases and the quantity supplied increases
C
Price increases and the quantity supplied increases
D
Price increases and the quantity supplied decreases
18) The three types of resources are
A
Natural resources, cell phones, labor
B
goods, services, money
C
Capital, money, labor
D
Natural resources, labor, capital
19) In a traditional economy
A
government regulates trade between families
B
decisions of what, how, and for whom to produce are based on custom, habit, or family
C
all resources are owned by the government
D
nations produce goods to sell
20) Resources are
A
unlimited
B
all the things we want
C
are never scarce
D
all the things that can be used in making products or services that people want.
*select an answer for all questions
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