Economics Review Question Preview (ID: 32577)


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___________________ is the conflict between unlimited desires and a limited amount of resources.
a) consumption
b) scarcity
c) supply and demand
d) production

A(n) ____________________ is one that makes a good or provides a service to be sold.
a) consumer
b) entrepreneur
c) producer
d) entrepreneur and producer

Which of the following would be an example of a good?
a) basketball shoes
b) a haricut
c) dance lessons
d) gymnastics lessons

_____________________ is the study of how people manage their resources to meet needs and wants.
a) government
b) culture
c) scarcity
d) economics

In a __________________________ economy, the government will decide what, how, for whom to produce.
a) command
b) market
c) traditional
d) capitalistic

Which of the following would be most considered a “service” provider.
a) football coach
b) babysitter
c) piano teacher
d) all of these are service providers

In a _____________________________ economy, people mainly get products by making them themselves or by bartering.
a) market
b) command
c) traditional
d) mixed

In a ___________________________ economy, supply demand will mostly determine what will be produced without any government regulation(s).
a) market
b) command
c) traditional
d) mixed

A ____________________ is one that purchases or uses a good or service (buyer).
a) consumer
b) entrepreneur
c) producer
d) pull factor

wood is a ________________ resource
a) natural
b) human
c) capital
d) none

dentist is a ________________ resource
a) human
b) capital
c) natural
d) none

delivery truck is a ________________ resource
a) capital
b) natural
c) human
d) none

a vast desert is a natural trade barrier (TRUE OR FALSE)
a) true
b) false
c)
d)

a river is a natural trade corridor (TRUE OR FALSE)
a) true
b) false
c)
d)

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