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Instructions: Answer all questions to get your test result.
1) 10. How can specialization encourage trade between countries help consumers?
A
Specialization increases trade because countries can refuse to sell thing they are not good at making.
B
Specialization increases trade because countries can get what they need/want at the lowest cost.
C
Specialization increases trade because countries can get what they need/want at the Highest cost.
D
Specialization decreases trade because countries can get what they need/want at the lowest cost.
2) What is a private business?
A
A business only certain people can attend
B
Owned and operated by a individual citizen
C
Something that is free to enter.
D
Anything owned by the government.
3) What is a public business?
A
Owned and operated by a individual citizen.
B
Anything owned by the government.
C
Something that is free to enter
D
A business only certain people can attend
4) What is the act of using up of a resource?
A
services
B
supply
C
scarcity
D
consumption
5) The idea that resources are limited; we don't have an unlimited supply of what we want
A
supply
B
inflation
C
Scarcity
D
demand
6) How much of something is available
A
demand
B
supply
7) The benefit you give up by choosing to do one thing instead of another
A
Producers
B
Profit
C
Opportunity cost
D
Scarcity
8) 4. Read the following two statements: 1. Nation A produces cars more efficiently than it can grow food crops. 2. Nation A produces cars and buys food from Nation B. What principle of economics is illustrated by these two statements?
A
The Factors of Production
B
Scarcity
C
Specialization
D
Laws of Supply and Demand
9) Goods and services produced in other countries and sold at home
A
Globalization
B
Specialization
C
Imports
D
Exports
10) A focus on developing only certain skills or producing only certain goods/services
A
Exports
B
Import
C
Globalization
D
Specialization
*select an answer for all questions
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