Economics Concept Review #1 Question Preview (ID: 21491)


Economics Review. TEACHERS: click here for quick copy question ID numbers.

_______________ is the conflict between unlimited desires and limited resources. In other words, there are not enough resources for everyone to have everything they need and want.
a) Isolation
b) Scarcity
c) Embargo
d) Economics

“The government has decided that we will only be allowed to purchase two new pairs of pants each year.” The previous statement was most likely made by a person living in a
a) mixed economy.
b) market economy.
c) traditional economy.
d) command economy.

Which of the following would be an example of a natural resource?
a) Wood
b) Oil
c) Truck
d) Both Wood and Oil

Which of the following would be an example of human capital?
a) The knowledge and skills of a dentist
b) Coal mined from the ground
c) The x-ray machine a dentist might use
d) None of these

Which of the following would be an example of physical capital?
a) The cooking skills of a master chef
b) The oven the master chef uses to prepare food
c) The chicken that the master chef will use to make some fancy meal
d) The knowledge of how to correctly slice vegetables

Which of the following would be an example of an entrepreneur?
a) A machine in a toy factory
b) An assembly line worker in a toy factory
c) The electricity needed to run the machines in the toy factory
d) A woman that decided to open up a toy factory to make profit

Which of the following is NOT a question an economic system use by people must answer?
a) What will be produced?
b) Where will we locate the government?
c) How will we produce?
d) For whom will we produce?

In a ________________ economy, hunting, gathering, farming would be the main ways that most people would produce the goods they need to survive.
a) mixed
b) market
c) traditional
d) command

In a ________________ economy, the government will make ALL of the decisions about what should be produced. North Korea and the former Soviet Union are examples of countries that have/had this type of economic system.
a) mixed
b) market
c) traditional
d) command

In a ________________ economy the producers and consumers use the law of supply demand, WITHOUT ANY government rules or regulations, to determine what should be produced?
a) mixed
b) market
c) traditional
d) command

In a _________________ economy, supply demand may be used to determine what will be produced, but the government may create some laws for public safety. For example, the government might make it illegal to buy/sell marijuana.
a) mixed
b) market
c) traditional
d) command

The United Kingdom, Germany, Russia all have a _________________ economy, b/c the governments have some, but not total control, of their economies.
a) mixed
b) market
c) traditional
d) command

“I love having the freedom to open my own business. It may not be successful, but at least I can try to make myself wealthy.” The previous statement was most likely made by a person living in a country with a ___________________________ economy.
a) mixed
b) market
c) market OR mixed
d) command

“I live in a hut that I made from wood that my family gathered from the nearby forest. I spend most of my days fishing to have something to barter with in my small village and to feed my family.” This statement describes a ________ economy.
a) mixed
b) market
c) traditional
d) command

“Only government-approved foods will be sold from now on. All private property now belongs to the government.” The previous statement was most likely made by a person living in a country with a ___________________________ economy.
a) mixed
b) market
c) traditional
d) command

Which of the following would most likely be a result of free trade?
a) Consumers would have less goods to choose from
b) Consumers would have more goods to choose from
c) Domestic Producers would only be able to sell their goods in their own country.
d) Consumers will have to pay really high prices for everything

A(n) _______________ is when a government places a tax on imported goods being sold in their country.
a) tariff
b) quota
c) embargo
d) market

A(n) _______________ is when a government places a limit on the amount of imported goods that can come into the country.
a) tariff
b) quota
c) embargo
d) market

A(n) _______________ is when a government bans trade with a certain country. The United States has one of these in place against Cuba.
a) tariff
b) quota
c) embargo
d) market

Why would country put a trade barrier, like a tariff, in place?
a) Neither is correct.
b) To make foreign goods more expensive, so domestic consumers will most likely not choose to buy them.
c) To make domestic goods appear cheaper, so domestic consumers will most likely choose to buy them.
d) Both are correct.

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