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Civics Chapters 18-19 Review
Test Description: Civics Chapters 18-19 Review
Instructions: Answer all questions to get your test result.
1) Which of the following is a natural resource?
A
machinery
B
skills
C
water
D
knowledge
2) Economics is the study of how we make decisions in a world of limited ____.
A
needs
B
choices
C
wants
D
resources
3) What is an example of a fixed cost of doing business?
A
Wages
B
Cost of fuel
C
Price of materials
D
Mortgage payment
4) Which of the following is a want?
A
Clothing
B
Videos
C
Food
D
Shelter
5) The four factors of production are natural resources, labor, capital, and ___.
A
specialization
B
entrepreneurs
C
services
D
goods
6) Consumers earn their income in ___ markets where productive resources are bough and sold.
A
resource
B
consumer
C
product
D
factor
7) Capitalism is an example of a(n) ____.
A
economic model
B
branch of economics
C
economic decision
D
economic system
8) Machines, buildings, and tools used to make others goods and services are ____.
A
consumer
B
manufactured
C
capital
D
factor
9) The four sectors, business, consumer, government, and foreign are all part of ____.
A
the circular flow of economic activity
B
the GDP
C
the factors of production
D
a nation's standard of living
10) In our economy businesses try to produce goods and services that people want most; this is an example of ____.
A
specialization
B
private property rights
C
consumer sovereignty
D
the factors of production
11) In a free enterprise economy, competition is allowed to flourish with a minimum of ___.
A
division of labor
B
government interference
C
voluntary exchange
D
specialization
12) The income from a full time job that you give up when you go to college is ___.
A
opportunity cost
B
marginal benefit
C
trade-off
D
marginal cost
13) What does microeconomics deal with?
A
The distribution of goods worldwide.
B
The economic decisions of individuals.
C
The allocation of resources by governments.
D
The production of whole industries.
14) When workers receive additional training for their jobs, this increases ___.
A
economic interdependence
B
the cost of production
C
human capital
D
the division of labor
15) The total value of all the final goods and services produced in a country in one year is its ___.
A
income
B
GDP
C
resources
D
VAT
16) A nation's standard of living is a measure of not only the quantity of its products, but also ___.
A
the value of its resources
B
the quality of its goods and services
C
of its people
D
of how the products are produced
17) What is the formula for total costs?
A
variable costs + marginal costs
B
fixed costs + variable costs
C
marginal costs + fixed costs
D
fixed costs + variable costs + marginal costs
18) Why do businesses use cost-benefit analysis?
A
To measure total revenues.
B
To compute total costs.
C
To compare marginal costs and marginal revenue.
D
To decide how much to produce
19) The ___ between sellers keeps the cost of production low and quality of goods high.
A
profit motive
B
competition
C
exchange
D
interdependence
20) The additional profit obtained from producing one more unit in a factory is called a(n) ____.
A
opportunity cost
B
marginal cost
C
trade-off
D
marginal benefit
*select an answer for all questions
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