Econ Review Question Preview (ID: 62533)
Review Of Economics In Econ Personal Finance NC.
TEACHERS: click here for quick copy question ID numbers.
What is economics?
a) How people and businesses spend and make money.
b) Different types of government and the duties of citizens under different governments; following rules, responsibilities, laws
c) People and events from the past; often recorded on a timeline.
d) The study of the natural world and how it relates to humans; physical features vs, human features.
Economics is the study of how
a) limited resources are used to satisfy unlimited wants and needs
b) decisions are made using six steps
c) individuals make decisions about buying products
d) none of these
Which question is MOST LIKELY a fundamental economic question?
a) Who will pay the taxes?
b) Who will get the goods and services produced?
c) Who will educate the workers?
d) Who will do the work to produce the goods and services?
Scarcity is
a) The condition that exists when wants exceed resources available to satisfy wants.
b) studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
c) Goods produced and used to make other goods and services.
d) “Gifts of nature” that are present without human intervention (ex. land)
Some examples of Scarcity are
a) lack of food, lack of human resources, lack of natural resources, lack of industrial resources, lack of housing/shelter.
b) threats to privacy, property, terrorism, lack of safety, protection of borders/frontiers, or national security.
c) integration of new ideas, rejection of new ideas, economic sanctions, boycotts, or embargoes.
d) lack of technology, lack of cell phones, lack of entertainment
What is considered the most effective solution to scarcity?
a) Decrease production of all goods
b) Increase consumer demand
c) Encouragement of technological advancement
d) Elimination of trade barriers
a
a) a
b) a
c) Communism
d) Autocracy
What is the definition of an economic system?
a) A method for counting population growth
b) A system that defines how a society distributes resources
c) A system for managing a nation's healthcare
d) A set of rules for political governance
What does the term command economy refer to?
a) An economy controlled by individual businesses and consumers
b) An economy controlled by supply and demand with no government
c) An economy where goods and services are freely exchanged without regulation
d) An economy where production, prices, and incomes are determined centrally by a government
What is the best definition of economic communism?
a) An economic system where wealth is equally distributed among citizens
b) An economic system based on supply and demand
c) An economic system where private entities control all resources
d) An economic system that relies solely on trade
What is the best definition of capitalism?
a) The private ownership of economic resources by individuals rather than by the government.
b) An economy in which resources are owned and controlled by the government.
c) The method a country uses to answer the three economic questions.
d) Making the first letter in a sentence capital
Which of the following is NOT an economic system?
a) Capitalism
b) Socialism
c)
d)
Play Games with the Questions above at ReviewGameZone.com
To play games using the questions from above, visit ReviewGameZone.com and enter game ID number: 62533 in the upper right hand corner or click here.
To play games using the questions from above, visit ReviewGameZone.com and enter game ID number: 62533 in the upper right hand corner or click here.
TEACHERS / EDUCATORS
Log In | Sign Up / Register
Log In | Sign Up / Register