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Econ- Chapter 1, Section 1
Test Description: Intro.
Instructions: Answer all questions to get your test result.
1) Study of how people make choices about ways to use limited resources to fulfill their wants.
A
Economics
B
Scarcity
C
Microeconomics
D
Macroeconomics
2) Deals with behavior and decision making by small units such as individuals and firms.
A
Scarcity
B
Economics
C
Microeconomics
D
Macroeconomics
3) Deals with the economy as a whole and decision making by large units such as governments.
A
Macroeconomics
B
Scarcity
C
Microeconomics
D
Economics
4) This results from a combination of limited resources and unlimited wants.
A
Microeconomics
B
Scarcity
C
Macroeconomics
D
Economics
5) The four factors of production are:
A
Land, labor, goods and services
B
Land, labor, capital, and entrepreneurship
C
Technology, products, entrepreneurship and innovation
D
Capital, entrepreneurship, goods and services
6) Manufactured goods used to produce other goods and services
A
Labor
B
Land
C
Entrepreneurship
D
Capital
7) When individuals take risks to develop new products and start new businesses in order to make profits.
A
labor
B
land
C
entrepreneurship
D
capital
8) A company’s office buildings are an example of:
A
Entrepreneurship
B
Capital
C
Land
D
Labor
9) Scarcity always exists because:
A
Stores cannot stock enough merchandise to keep up with customer demand
B
Factories sometimes have difficulty producing enough goods
C
There is not enough of all goods and services to satisfy everyone’s needs and wants
D
Natural disasters, such as hurricanes and floods, destroy goods and property
10) A company’s fleet of trucks represents which kind of factor of production?
A
Entrepreneurship
B
Labor
C
Capital
D
Land
11) The need to make choices arises because:
A
Some things are not limited
B
People need to share their resources
C
Everything that exists is limited
D
Shortages are a constant situation
12) The basic problem of economics is:
A
Overabundance of resources
B
Shortages
C
Lack of choices
D
Scarcity
13) As an economic term, land refers to:
A
Natural Resources
B
Work people do
C
Knowledge
D
Machinery
14) Economics is primarily concerned with which of the following?
A
Future cost of goods
B
Values and objectives of society
C
Use of resources
D
Methods of production
15) According to Adam Smith:
A
Left to themselves, individuals would mishandle the economy
B
A mixed economy combines all of the benefits of a command and market economy
C
The role of government is to allocate resources
D
Government should not interfere in the marketplace
*select an answer for all questions
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