Economics Quiz Review #2 Question Preview (ID: 36302)


Economics Quiz Review #2. TEACHERS: click here for quick copy question ID numbers.

Which of the following are effects of scarcity?
a) Price of scarce product decreases
b) Consumers must make choices
c) Scarce products go on sale
d) Consumption of product increases

What is a natural resource that goes into producing a lemonade stand?
a) Lemons
b) Cups
c) Pitcher
d) Sign

What is the process of buying and using goods and services?
a) Goods
b) Distribution
c) Production
d) Consumption

What are the factors of production that are used to produce goods and services called?*
a) Price
b) Resources
c) Scarcity
d) Incentives

Jasmine has to decide between going to college and joining the workforce. What is the opportunity cost if she decides to go to college?
a) Cost of tuition, books, and room and board
b) Amount of time she will have to study
c) Money she could have made in the workforce
d) None of the Above

What is the amount of goods and services consumers are willing to buy at a certain price?
a) Consumption
b) Incentive
c) Supply
d) Demand

The workers in a factory are considered what type of resource?
a) Human
b) Capital
c) Natural
d) Entrepreneurship

Scarcity refers to -
a) the factors of production
b) the inability to satisfy all wants at the same time
c) what is given up when a choice is made
d) things used to change economic behavior

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

Maggie did not buy a shirt she wanted until it went on sale. What was her incentive to buy the shirt?
a) Original price
b) Supply
c) Sale price
d) Lack of Resources

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