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Intro Ch 2 Quiz
Test Description: Ch 2 quiz
Instructions: Answer all questions to get your test result.
1) A shortage of resources is called
A
limitation.
B
reduction.
C
scarcity.
D
threat.
2) All of the following are factors of production except
A
natural resources.
B
labor resources
C
capital resources
D
educational resources
3) In a market economy, resources are
A
scarce.
B
plentiful.
C
privately owned.
D
shared
4) In a command economy, resources and businesses are owned and controlled
A
by groups of people in a co-op
B
by the government.
C
privately
D
by other countries.
5) In a market economy, the higher the price,
A
the better the quality of the product offered
B
the higher the demand for the product.
C
the more profit the business will make
D
the less consumers will buy
6) In a command economy,
A
highly skilled workers earn more than low-skilled workers.
B
highly skilled workers earn less than low-skilled workers
C
highly skilled workers earn the same as low-skilled workers
D
highly skilled workers are not needed
7) Most nations have a
A
pure command economy
B
mixed economy
C
moderate command economy
D
pure market economy
8) Some natural resources, such as wheat and cattle, are
A
irreplaceable.
B
imported.
C
artificially produced
D
renewable.
9) Deciding to use a resource for one purpose and giving up the chance to use it for something else is
A
opportunity cost.
B
risky.
C
sacrifice
D
trade-off
10) The desire to make a profit is
A
rewarding
B
risky
C
greed.
D
profit motive
*select an answer for all questions
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