Economics (The Basics) Question Preview (ID: 35007)

Students Will Review Scarcity, Wants And Needs, Factors Of Production And Economic Systems.

The basic economic problem is how society deals with _________ of resources.
a) Scarcity
b) Shortages
c) Abundance

Your cell phone would be an example of a _______.
a) Want
b) Need
c) Desire

If you have a seafood restaurant, the shrimp that you serve is an example of this Factor of Production.
a) Land
b) Capital
c) Entrepreneurship

You hire a new manager at your restaurant. This is an example of this Factor of Production.
a) Labor
b) Land
c) Capital

The basic difference between a trade off and opportunity cost is that an opportunity cost includes _________.
a) Time
b) Money
c) Resources

The maximum combination of goods or services that can be produced is this.
a) Production Possibilities Curve
b) Optimal Opportunities Curve
c) Trade-off Curve

When The Gap makes a new pair of jeans aimed at teenagers, it is answering this basic question.
a) For Whom Should It Be Produced?
b) How Should It Be Produced?
c) What Should Be Produced?

My grandfather was a hunter. My father was a hunter. I will be a hunter. Whath type of economic system is this?
a) Traditional
b) Command
c) Mixed

The government makes all of the important economic decisions.
a) Command
b) Traditional
c) Market

The individual makes all of the important economic decisions in this economic system.
a) Market
b) Mixed
c) Traditional

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