Economics Concepts Review #2 Question Preview (ID: 27089)
Economics.
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The study of how people manage their available resources.
a) government
b) culture
c) economics
d) religion
Someone that makes a good or provides a service.
a) consumer
b) producer
c) enterepeneur
d) could be a producer and/or an entrepreneur
Which of the following would be the best example of a consumer?
a) someone that buys and eats an ice cream cone
b) someone that owns a babysitting business
c) someone that makes birdhouses to sell
d) someone that works in a factory
Which type of economy would you find in the United Kingdom?
a) pure market
b) traditional
c) pure command
d) mixed
A domestic good is one that is made in your own country.
a) TRUE
b) FALSE
c) x
d) x
A foreign good is one that is made in your own country.
a) TRUE
b) FALSE
c) x
d) x
(RR4) A market(place) is anywhere goods/services are bought/sold.
a) TRUE
b) FALSE
c) x
d) x
Wood is an example of a(n) _______________________
a) human capital
b) physical capital
c) natural resource
d) entrepreneur
The knowledge/skill of a veterinarian would be an example of ___________________.
a) human capital
b) physical capital
c) a natural resource
d) none of these is correct
(RR3) If a pizza shop owner buys a new oven to make the pizza he sells better and faster, he would be investing in _________________.
a) a natural resource
b) physical capital
c) human capital
d) an entrepreneur
Free trade allows consumers to have more goods to choose from maybe even at a lower price.
a) TRUE
b) FALSE
c) x
d) x
INFER: Sometimes a tariff/quota is called PROTECTIONISM because they might protect domestic producers from having to compete with foreign companies with better/cheaper products.
a) TRUE
b) FALSE
c) x
d) x
Today, Russia has a pure command economy.
a) TRUE
b) FALSE
c) x
d) x
Germany has a pure market economy, in which the people make all economic decisions and the government has no role at all.
a) TRUE
b) FALSE
c) x
d) x
An import quota is NOT a limit on the amount of foreign goods that can be imported to a country.
a) TRUE
b) FALSE
c) x
d) x
Milk is a(n) _____________________________________
a) entrepreneur
b) example of physical capital
c) example of human capital
d) example of a natural resource
If a lawn service business owner pays someone to teach her workers how to repair the lawn mowers, she would be investing in _____________________ .
a) entrepreneur
b) physical capital
c) human capital
d) a GUARANTEED way to make more money.
A delivery truck is a(n) ___________________.
a) example of entrepreneurship
b) example of physical capital
c) example of human capital
d) example of a natural resource
In the United States, the citizens are free to make most economic decision on their own, but the government does make some things (like cocaine) illegal. This is why the US is considered to have a _____________________________ economy.
a) pure market
b) mixed
c) pure command
d) communist
Which of the following is NOT one of the 4 Factors of Production in a market economy.
a) Entrepreneurship
b) Physical Capital
c) Human Capital
d) Government
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