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Sports And Entertainment I ECONOMICS 3
Test Description: More economics 3.01
Instructions: Answer all questions to get your test result.
1) The three basic economic questions are:
A
what to produce, how to produce, for whom to produce
B
what to produce, where to produce, when to produce
C
what to produce, how to produce, what color to produce
D
who will produce it, when will they produce, why is this even an answer choice
2) value added by having a product at a certain time of year or a convenient time of day is:
A
possession
B
time
C
place
D
information
3) value added by exchanging a product for some monetary value
A
possession
B
time
C
place
D
information
4) a tangible item such as a CD player or a soccer ball
A
good
B
service
C
capital
D
labor
5) intangible items such as going to the circus
A
labor
B
service
C
good
D
mars
6) The point on a supply and demand curve where quantity demanded is equal to the quantity supplied
A
equal brain
B
balance
C
equillibrium
D
inequalities
7) The economic resource that includes all natural resources found in the earth, sea, and air
A
entrepreneurship
B
capital
C
land
D
labor
8) a form of government where there is increased government involvement and everything is based on the welfare of the people
A
Capitalism
B
Welfarism
C
Communism
D
Socialism
9) the study of how to meet unlimited wants with limited resources
A
economics
B
entrepreneurship
C
labor
D
land
10) Value added by having a product where customers can buy it is
A
possession utility
B
form utility
C
time utility
D
place utility
*select an answer for all questions
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