Economics Review Question Preview (ID: 41986)


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

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

Bodie works at the local Guitar Center. He gives electric guitar lessons. Bodie is an example of -
a) a natural resource
b) a human resource
c) an entrepreneur
d) the next Eddie Van Halen

Which of the following is not an effect of scarcity?
a) Price of scarce products increases
b) Consumers
c)
d)

Porter owns a candy store and wants to sell as many chocolates as possible before the end of the year. The economic principle he would use is -
a) Opportunity Cost
b) Production
c) Incentives
d)

The consumer is most important in what economic system?
a) Mixed
b) Free
c)
d)

Individuals, government, and businesses make economic decisions in which economic system?
a) Command
b) Mixed
c) Free Market
d) Traditional

What type of economic system does the United States have?
a) Mixer
b) Command
c) Free Market
d) Mixed

Which is not one of the three basic questions that all societies must answer?
a) Who will produce it?
b) For whom will it be produced?
c) How much will the product cost?
d) What will be produced?

Based on historical precedent
a) Command Economy
b) Free Market
c) Mixed
d) Traditional

Who has the most influence in a free market economic system?
a) A Dictator
b) Consumers
c) Producers
d) s

In a mixed economy, the government is in charge of which sector?
a) public
b) private
c)
d)

What does the government collect from consumers in order to pay for public services?
a) Interest
b) Stamps
c) Taxes
d) A Dozen Hostess Cup Cakes

Borrowing money from a bank
a) Deposit
b) Withdrawl
c) Loan
d)

Businesses use their profits to buy more -
a) taxes
b) Boxes of Hostess Cup Cakes
c) Resources
d) Goods and Services

Earnings a business has left after all its expenses have been paid
a) wages
b) profit
c)
d)

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