Economics Question Preview (ID: 39181)


Economics. TEACHERS: click here for quick copy question ID numbers.

Land, labor, capital, and entrepreneurship are the
a) basis of employment.
b) results of production
c) factors of production.
d) results of supply and demand.

Which of the terms is the BEST synonym for the word entrepreneur?
a) business owner
b) home owner
c) employee
d) student

What is the definition of labor (one of the productive resources)?
a) the people needed to produce goods
b) the equipment needed to produce goods
c) the factories in which goods are made
d) the goods and services a business produces

Which of these is an example of a natural resource?
a) carpenter
b) chairs
c) mechanic
d) trees

How are prices for goods and services determined in a market economy?
a) by labor unions
b) by state governments
c) by the Federal government
d) by producers and consumers

What is a major advantage of keeping money in a savings account?
a) It can never be spent
b) It can earn you extra money in interest
c) It is more convenient than keeping it at home.
d) It cannot be used until it has been there for over 1 year.

Which of these is a function of banks in the United States?
a) printing money to Americans to spend
b) making rules for the national economy
c) building homes and factories to employ people
d) providing checking and savings accounts to customers

How is a low price an incentive to a consumer?
a) Low prices serve as incentive to buy more.
b) Low prices are incentive to consumers to buy less
c) Low prices are incentive to producers to sell more
d) Low prices are incentive for producers to stop selling.

What happens if a person spends more money than one earns?
a) The person will go bankrupt.
b) The person's debt will increase.
c) The person's credit will increase.
d) The person's income will decrease.

What is the advantage to spending less money than is earned?
a) You will have lower bills.
b) You never have to worry about money.
c) You can save money for future purposes.
d) You have to make no spending sacrifices.

Which of these is a function of government in the United States?
a) making goods and services and making profits
b) producing television shows to entertain the public
c) charging and collecting taxes to provide public services
d) making loans to people so they can purchase items for their homes

Which of these is the BEST example of something provided by the government?
a) airplanes
b) cars
c) highways
d) homes

Countries and individuals both have consequences for decisions they make. Which term refers to the next best choice given up when another decision is made?
a) opportunity cost
b) risk analysis
c) scarcity
d) revenue

What is the best economic description of a market?
a) buying or selling things on the internet
b) an outdoor booth where fresh fruit and vegetable are sold
c) the exchange of goods or services by producers and consumers
d) a building or location where people can buy goods and services from others

What is the role of private business in the production of goods and services?
a) They decide what taxes will be charged on the goods they make.
b) They establish the federal laws, enforce contracts and protect property rights.
c) They produce the goods and services based on what consumers are willing and able to buy.
d) They provide the resources to the individuals who produce the goods and services sold in the marketplace.

Which of these provides the BEST definition of voluntary exchange?
a) the act of people freely buying and selling in a market
b) a system of economics in which one leader makes decisions
c) the balance between public and private owners in an economy
d) a market that is controlled by the state and private sectors

Which of these is an example of voluntary exchange?
a) A student is paying a homeowner to rent an apartment.
b) A landowner must sell part of her property to pay taxes
c) A company is forced to sell its goods to another company
d) A person can no longer afford his car and the bank takes it back.

The first step in creating a budget is
a) getting a bank account.
b) cutting back on expenses.
c) knowing what your income is.
d) listing all of your expenses.

The second step in creating a budget is
a) getting a bank account
b) cutting back on expenses.
c) knowing what your income is.
d) listing all of your expenses.

Which of these is a type of human resource that could have gone into making a piece of cake?
a) the person who baked it in an oven
b) the person who bought it in a store
c) the person who ate it in a restaurant
d) the person who saw a commercial for the store

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