Civics Chapters 18-19 Review Question Preview (ID: 55881)
Civics Chapters 18-19 Review.
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Which of the following is a natural resource?
a) water
b) machinery
c) skills
d) knowledge
Economics is the study of how we make decisions in a world of limited ____.
a) wants
b) needs
c) resources
d) choices
What is an example of a fixed cost of doing business?
a) Mortgage payment
b) Price of materials
c) Cost of fuel
d) Wages
Which of the following is a want?
a) Food
b) Clothing
c) Shelter
d) Videos
The four factors of production are natural resources, labor, capital, and ___.
a) goods
b) services
c) entrepreneurs
d) specialization
Consumers earn their income in ___ markets where productive resources are bough and sold.
a) resource
b) factor
c) consumer
d) product
Capitalism is an example of a(n) ____.
a) economic model
b) economic decision
c) branch of economics
d) economic system
Machines, buildings, and tools used to make others goods and services are ____.
a) manufactured
b) consumer
c) capital
d) factor
The four sectors, business, consumer, government, and foreign are all part of ____.
a) the circular flow of economic activity
b) the GDP
c) a nation's standard of living
d) the factors of production
In our economy businesses try to produce goods and services that people want most; this is an example of ____.
a) consumer sovereignty
b) the factors of production
c) specialization
d) private property rights
In a free enterprise economy, competition is allowed to flourish with a minimum of ___.
a) division of labor
b) specialization
c) government interference
d) voluntary exchange
The income from a full time job that you give up when you go to college is ___.
a) trade-off
b) opportunity cost
c) marginal cost
d) marginal benefit
What does microeconomics deal with?
a) The allocation of resources by governments.
b) The economic decisions of individuals.
c) The distribution of goods worldwide.
d) The production of whole industries.
When workers receive additional training for their jobs, this increases ___.
a) human capital
b) economic interdependence
c) the division of labor
d) the cost of production
The total value of all the final goods and services produced in a country in one year is its ___.
a) income
b) resources
c) VAT
d) GDP
A nation's standard of living is a measure of not only the quantity of its products, but also ___.
a) of how the products are produced
b) the value of its resources
c) the quality of its goods and services
d) of its people
What is the formula for total costs?
a) fixed costs + variable costs + marginal costs
b) variable costs + marginal costs
c) fixed costs + variable costs
d) marginal costs + fixed costs
Why do businesses use cost-benefit analysis?
a) To decide how much to produce
b) To compare marginal costs and marginal revenue.
c) To measure total revenues.
d) To compute total costs.
The ___ between sellers keeps the cost of production low and quality of goods high.
a) exchange
b) competition
c) interdependence
d) profit motive
The additional profit obtained from producing one more unit in a factory is called a(n) ____.
a) marginal cost
b) marginal benefit
c) opportunity cost
d) trade-off
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