Economics Test: Original DO NOT EDIT

Front

The choices all societies must make about production are driven by: capitalism., price systems., scarcity., total cost.

Back

scarcity.

Front

Which factor is most likely to cause the supply of a product to decrease? Options: a decrease in consumer demand, a decrease in the price of resources used to make the product, an increase in the number of consumers, an increase in the number of suppliers

Back

a decrease in consumer demand

Front

Which of the following will happen when the federal government spends more than it collects in revenues? Options: The federal budget will show a deficit., The federal budget will show a surplus., The federal government will decrease sales taxes., State governments will help decrease the national debt.

Back

The federal budget will show a deficit.

Front

What does Holmes think about natural resources?

Back

They are less important than human resources.

Front

What does Holmes believe is the greatest tragedy in America?

Back

the destruction of human resources

Front

Which is an example of how to produce? Options: building new roads, making weapons, providing services for citizens, regulating the amount of pollution factories can produce

Back

regulating the amount of pollution factories can produce

Front

Two countries have the same GDP. Country A has a population of 37 million. Country B has a population of 15 million. Which country has a higher GDP per capita?

Back

Country B

Front

What is a potential impact of government spending on economic growth? Options: Decreased inflation which encourages economic growth, Increased inflation which limits economic growth, Decreased inflation which limits economic growth, Increased inflation which encourages economic growth

Back

Increased inflation which limits economic growth