Economics Quiz Review #1 Question Preview (ID: 36301)


Economics Quiz Review #1. TEACHERS: click here for quick copy question ID numbers.

Mike has $10. He can buy his favorite CD or shirt. He decides to buy the CD. What term best represents the shirt?
a) His opportunity cost
b) His supply
c) His demand
d) His incentive

A tractor is an example of what type of resource?
a) Entrepreneurship
b) Human
c) Natural
d) Capital

Economics could best be described by which pair of words?
a) Scarcity, choices
b) Supply, demand
c) Money, resources
d) Banking, industry

A local shoe store puts a buy 1 get 1 free sale sign in the window. This is an example of -
a) Opportunity Cost
b) Price
c) Incentive
d) Supply and Demand

When the 4 types of resources are combined to make a good or service.
a) Production
b) Consumption
c) Opportunity Cost
d) Scarcity

Which statement best describes the relationship between supply and demand?
a) Only way to increase demand for a product is to increase supply
b) If the supply of a product is reduced, the demand for it is also reduced
c) Price is determined when supply equals demand
d) None of the Above

Jennifer works at the local pizza parlor. She bakes the pizza crust and slices vegetables. Jennifer is an example of which type of resource?
a) Natural
b) Human
c) Entrepreneurship
d) Capital

When supply is high and demand is low, the price of an item will be -
a) Low
b) High
c) Stay the same
d) None of the above

What does the interaction between supply and demand decide?
a) Consumer preferences
b) Free markets
c) Mixed economies
d) Price of goods and services

What is consumption?
a) The using of goods and services
b) Making of goods and services
c) That which is given up when a choice is made
d) That which determines price

Trees are an example of what type of resource?
a) Human
b) Entrepreneurship
c) Natural
d) Capital

Which of the following contribute to the consumer price of a particular product INCREASING?
a) The item is defective
b) The item is widely available
c) The item is produced by many different companies
d) The item is in short supply or in high demand

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