Economics 2 Question Preview (ID: 39182)


Economics 2.

Which resource is a land resource?
a) cotton
b) barber
c) hammer
d) soldier

Choose the item that would be considered price incentives.
a) A popular movie features people racing boats
b) The state legislature bans cell phone use in cars
c) Buy One, Get One Free Coupons
d) The state legislature bans cell phone use in cars

Choose the item that would not be considered price incentives.
a) Buy One, Get One Free Coupons
b) A sale on President's Day
c) Lowering interest rates for home buyers
d) Doctors warn of health risk of eating brussels sprouts.

What is the word for what bank charges customers for borrowing money?
a)
b) Collateral
c) Pension
d) Savings

Jon has been working at the same job for 11 years. He is tired of doing the same thing every day, and wants to become an entrepreneur. Which of these actions would make Jon an entrepreneur?
a) He decides to quit his job.
b) He asks his bosses for a raise in salary.
c) He asks his bosses for more responsibility.
d) He uses all of his savings to start a business.

Which of these is the BEST example of a capital resource that helped to make this pie?
a) the man who ate the pie
b) the oven that baked the pie
c) the baker who cooked the pie
d) the woman who bought the pie

Which resource is considered labor?
a) money
b) oil
c) barber
d) creator of a comic book

which resource is capital
a) oil
b) hammer
c) soldier
d) cotton

Which resource is entrepreneurship?
a) money
b) hammer
c) creator of comic book
d) oil

Which item is a household sector?
a) producers
b) sally works at the local hotdog stand.
c) consumers
d) Andre owns the local hotdog stand

Which item is a business sector?
a) Andre owns the local hotdog stand
b) purchases most manufactured goods
c) consumer
d) sells their labor

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