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Economics Review
Test Description: Economics Review
Instructions: Answer all questions to get your test result.
1) A tractor is an example of what type of resource?
A
Human
B
Natural
C
Capital
D
Entrepreneurship
2) Bodie works at the local Guitar Center. He gives electric guitar lessons. Bodie is an example of -
A
an entrepreneur
B
the next Eddie Van Halen
C
a human resource
D
a natural resource
3) Which of the following is not an effect of scarcity?
A
Price of scarce products increases
B
Consumers
4) Porter owns a candy store and wants to sell as many chocolates as possible before the end of the year. The economic principle he would use is -
A
Incentives
B
Production
C
Opportunity Cost
5) The consumer is most important in what economic system?
A
Mixed
B
Free
6) Individuals, government, and businesses make economic decisions in which economic system?
A
Free Market
B
Traditional
C
Command
D
Mixed
7) What type of economic system does the United States have?
A
Mixed
B
Mixer
C
Command
D
Free Market
8) Which is not one of the three basic questions that all societies must answer?
A
For whom will it be produced?
B
What will be produced?
C
How much will the product cost?
D
Who will produce it?
9) Based on historical precedent
A
Command Economy
B
Traditional
C
Mixed
D
Free Market
10) Who has the most influence in a free market economic system?
A
A Dictator
B
Consumers
C
Producers
D
s
11) In a mixed economy, the government is in charge of which sector?
A
public
B
private
12) What does the government collect from consumers in order to pay for public services?
A
A Dozen Hostess Cup Cakes
B
Taxes
C
Stamps
D
Interest
13) Borrowing money from a bank
A
Loan
B
Deposit
C
Withdrawl
14) Businesses use their profits to buy more -
A
Resources
B
Boxes of Hostess Cup Cakes
C
taxes
D
Goods and Services
15) Earnings a business has left after all its expenses have been paid
A
wages
B
profit
*select an answer for all questions
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