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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
knowledge
B
water
C
skills
D
machinery
2) Economics is the study of how we make decisions in a world of limited ____.
A
resources
B
needs
C
choices
D
wants
3) What is an example of a fixed cost of doing business?
A
Cost of fuel
B
Wages
C
Mortgage payment
D
Price of materials
4) Which of the following is a want?
A
Shelter
B
Videos
C
Clothing
D
Food
5) The four factors of production are natural resources, labor, capital, and ___.
A
services
B
specialization
C
goods
D
entrepreneurs
6) Consumers earn their income in ___ markets where productive resources are bough and sold.
A
factor
B
resource
C
product
D
consumer
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
factor
B
consumer
C
capital
D
manufactured
9) The four sectors, business, consumer, government, and foreign are all part of ____.
A
the circular flow of economic activity
B
the factors of production
C
the GDP
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
private property rights
B
consumer sovereignty
C
the factors of production
D
specialization
11) In a free enterprise economy, competition is allowed to flourish with a minimum of ___.
A
division of labor
B
voluntary exchange
C
specialization
D
government interference
12) The income from a full time job that you give up when you go to college is ___.
A
opportunity cost
B
trade-off
C
marginal benefit
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
the cost of production
B
the division of labor
C
human capital
D
economic interdependence
15) The total value of all the final goods and services produced in a country in one year is its ___.
A
resources
B
VAT
C
income
D
GDP
16) A nation's standard of living is a measure of not only the quantity of its products, but also ___.
A
of how the products are produced
B
the quality of its goods and services
C
the value of its resources
D
of its people
17) What is the formula for total costs?
A
marginal costs + fixed costs
B
variable costs + marginal costs
C
fixed costs + variable 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
competition
B
profit motive
C
exchange
D
interdependence
20) The additional profit obtained from producing one more unit in a factory is called a(n) ____.
A
marginal cost
B
marginal benefit
C
trade-off
D
opportunity cost
*select an answer for all questions
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