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Economics Quiz 1 Review- Feb 14
Test Description: Chapter 1
Instructions: Answer all questions to get your test result.
1) These are the desires that people have that can be met by getting a product or service
A
wants
B
needs
2) This is the study of how people choose to use their limited resources to satisfy their unlimited wants.
A
Economics
B
Government
C
Biology
D
Scarity
3) This is a thing that can be used--natural resources, labor, capital--to make goods or services
A
capital
B
economics
C
resources
D
scarticty
4) This occurs whenever we do not have enough resources to produce all of the things we would like to have.
A
Money
B
Needs
C
Wants
D
Scarcity
5) What is the fundamental problem facing all societies today?
A
Resources
B
Lack of money
C
Scarcity
D
High Unemployment
6) ________ of resources forces societies to make economic choices.
A
Scarcity
B
Labor
C
Land
D
Money
7) We must answer 3 economic questions. Which is NOT one of the three?
A
What goods and services will be produced?
B
Why are we producing goods?
C
Who will consume, or use, them?
D
How will they be produced?
8) All societies face the same face the same three problems of deciding
A
How do we make money? Who will we pay? Why are we paying them?
B
Scarcity, Scarcity, Scarcity
C
What to produce, HOW not to produce, WHY are we producing them
D
WHAT to produce, HOW to produce, and WHO will consume them
9) Making a _____ is giving up one alternative good or service for another
A
opportunity cost
B
trade-off
C
Traditional economy
D
Market economy
10) ______ is the cost of the next-best use of your money or time when you choose to do one thing rather than another
A
opportunity cost
B
revenue
C
marginal cost
D
trade-off
11) ______ are expenses that do not change no matter how much a business produces.
A
fixed costs
B
total cost
C
variable costs
D
marginal cost
12) A kind of cost that changes depending on how much a business produces.
A
fixed
B
total
C
marginal
D
variable
13) People have unlimited
A
wants
B
money
C
scarce resources
D
needs
14) This is the combination of all fixed and variable costs.
A
total cost
B
scarcity
C
marginal revenue
D
marginal costs
15) This is the additional or extra opportunity cost associated with each increase of unit of sales
A
total costs
B
marginal costs
C
variable costs
D
marginal revenue
16) The money a business receives from selling its goods or services.
A
total costs
B
marginal costs
C
revenue
D
fixed costs
17) This is the additional income received from each increase of one unit of sale
A
marginal costs
B
marginal revenue
C
opportunity costs
D
trade-off
18) This is an economic model that compares the marginal costs and the marginal benefits of a decision
A
benefit-cost analysis
B
trade-off
C
marginal revenue
D
opportunity cost
*select an answer for all questions
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