Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
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 how people and nations make choices about ways to use scarce resources to fulfill their wants and needs
C
the study of the mind and how money affects it
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
scarcity
B
trade off
C
money
D
opportunity costs
4) Which is NOT one of the three basic economic questions?
A
Who will consume, or use, them?
B
What goods and services will be produced?
C
How will they be produced?
D
When will it be time to leave economics class?
5) Which economic system does the US have?
A
market
B
mixed market
C
command
D
traditional
6) A mixed market is
A
an economic system in which individuals and businesses own all resources and make economic decisions on the basis of price
B
a market economy that has elements of command and market
C
an economic system in which decisions are made based on custom or habit
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
she doesn't have an opportunity cost because she bought an item from the clearance section.
B
her friend that gets to eat the chocolate
C
the chocolates
D
the conversation hearts
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 alternative you face when you decide to do one thing rather than another
C
the third best option
D
your profit from a choice you have made
9) A trade off is
A
expenses that do change depending on how much a business produces
B
the combination of all fixed and variable costs
C
the money a business receives from selling its good or services
D
the alternative you face when you decide to do one thing rather than another
10) Benefit-cost analysis is
A
the money a business receives from selling its goods or services
B
the additional income received from each increase of one unit of sales
C
the combination of all fixed and variable costs
D
an economic model that compares the marginal costs and marginal benefits of a decision
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 provides goods or services
D
a person who buys goods and services
12) What is a consumer?
A
a person who creates goods and services
B
a person who returns items
C
a person who buys goods and services
D
a person who works
13) What is supply?
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 provides goods or services
D
a person who buys goods and services
14) What happens to price and quantity demanded when there is downward movement along the demand curve?
A
Price decreases and quantity demanded increases.
B
Price increase, quantity demanded increases
C
Price increase, quantity demanded increases
D
Prices and demand stay the same
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 increases
C
Price and demand stay the same
D
Price increases and quantity demanded decreases.
16) When you move down 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 and supply stay the same
D
Price increases and the quantity supplied increases
17) When you move up the supply curve, what happens to the price and the quantity supplied?
A
Price decreases and the quantity supplied increases
B
Price increases and the quantity supplied increases
C
Price decreases and the quantity supplied decreases
D
Price increases and the quantity supplied decreases
18) The three types of resources are
A
Capital, money, labor
B
Natural resources, labor, capital
C
Natural resources, cell phones, labor
D
goods, services, money
19) In a traditional economy
A
decisions of what, how, and for whom to produce are based on custom, habit, or family
B
all resources are owned by the government
C
nations produce goods to sell
D
government regulates trade between families
20) Resources are
A
unlimited
B
are never scarce
C
all the things we want
D
all the things that can be used in making products or services that people want.
*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?