Economics Ch. 1 And 2 Test Review Part 2 Question Preview (ID: 52492)


Economics Ch. 1 And 2 Test Review Part 2. TEACHERS: click here for quick copy question ID numbers.

What is the section on the top of the Circular Flow Model?
a) Factor Market
b) Product Market
c) Businesses
d) Households

What is the section on the left side of the Circular Flow Model?
a) Factor Marktet
b) Product Market
c) Businesses
d) Households

Economic system in which the government decides what goods and services will be produced, how they will be produced, and how they will be distributed
a) Market Economy
b) Command Economy
c) Traditional Economy
d)

Economic system that is based on individual choice, consumers and producers drive the economy
a) Market Economy
b) Command Economy
c) Traditional Economy
d)

Economic System in which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation
a) Market Economy
b) Command Economy
c) Traditional Economy
d)

What are the four factor of production?
a) Land, Labor, Capital, Scarcity
b) Land, Scarcity, Capital, Entrepreneurship
c) Land. Labor, Scarcity, Entrepreneurship
d) Land, Labor, Capital, Entrepreneurship

What are the 2 factors of economics choices?
a) Motivations for choice; no free lunch
b) people have wants; scarcity affects everyone
c) no free lunch; scarcity is temporary
d) scarcity affects everyone; scarcity is temporary

What are the 2 principles of scarcity?
a) Motivations for Choice; People have wants
b) People have wants; No free lunch
c) Scarcity is temporary; Scarcity affects everyone
d) People have wants; scarcity affects everyone

Which of the following is NOT one of the basic economics questions that all societies must answer?
a) What will be produced?
b) How long it will take to produce?
c) How it will be produced?
d) For whom will it be produced?

A person who buys goods or services
a) Consumers
b) Producers
c)
d)

Food, Clothing, Materials are all examples of
a) Goods
b) Services
c)
d)

A person who makes goods or provides services are called
a) Consumers
b) Producers
c)
d)

Teachers, Nurses, Doctors, Mechanics are all examples of
a) Goods
b) Services
c)
d)

What is the section on the right side of the Circular Flow Model?
a) Factor Market
b) Product Market
c) Businesses
d) Households

What is the section on the bottom of the Circular Flow Model?
a) Factor Market
b) Product Market
c) Businesses
d) Households

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