Chapter 3 Review (Economics) Question Preview (ID: 36405)


Economics Test For Louisiana History Students. TEACHERS: click here for quick copy question ID numbers.

Which of the following is an example of level of economy?
a) National
b) State
c) Global
d) All of the above

Banks, small businesses, and corporations are all examples of…
a) Labor Unions
b) Economic Institutions
c) Capital Resources
d) Economic Indicators

Things that people would like to have in order to make their lives easier are called __________.
a) Needs
b) Wants
c) Desires
d) Hamburgers

Which of the following is NOT an example of a manufacturing industry in Louisiana?
a) Shipbuilding
b) Petrochemicals
c) Air Crafts
d) Electrical equipment

Which of the following statements is FALSE?
a) In a command economy, the government is the director.
b) In a command economy, the government controls what, how, and where something is produced
c) In a command economy, the government controls people’s access to goods and services.
d) An example of a country with a command economy is the United States.

An economy in which economic decisions are made at an individual level with the four basic questions answered by producers
a) Traditional Economy
b) Command Economy
c) Market Economy
d)

Lumber mills, sugar refineries,a nd oil refineries are all examples of
a) Human resources
b) natural resources
c) capital resources
d) biological resources

Which of the following is NOT one of the four basic economic questions?
a) What will be produced?
b) How will it be produced?
c) Who will produce it?
d) How much will be produced?

An economy in which the government directs the economic system and tries to control how producers answer the four basic economic questions
a) Traditional Economy
b) Command Economy
c) Market Economy
d)

An economy that depends on agriculture and bartering in which economic decisions are based on customs, beliefs, or habits
a) Traditional Economy
b) Command Economy
c) Market Economy
d)

Secret and illegal trade
a) Smuggling
b) Producers
c) Goods
d) Demand

The quantity of a good or service consumers are willing to buy
a) Demand
b) Goods
c) Producers
d) Smuggling

The person or group of people who use resources to make goods or provide resources
a) Reforestation
b) Goods
c) Demand
d) Producers

Replanting trees in areas that have been cut
a) Producers
b) Reforestation
c) Demand
d) Smuggling

The condition that exists when people and societies try to satisfy unlimited wants with limited resources
a) Economy
b) Scarcity
c) Tariff
d) Commerce

How people manage material resources in a community or other organized body
a) Economics
b) Scarcity
c) Corporation
d) Tariff

Buying and selling goods
a) Scarcity
b) Corporation
c) Commerce
d) Economy

A large, complex business enterprise that has many investors called shareholders
a) Scarcity
b) Corporation
c) Commerce
d) Tariff

A tax placed on goods imported into the United States
a) Corporation
b) Commerce
c) Tariff
d) Economy

Which of the following are considered major Service Industries in Louisiana?
a) Tourism and movie making
b) Shipbuilding and petrochemicals
c) Tourism and shipbuilding
d) Movie making and petrochemicals

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