ECO120

ECO120

START YOU ENGINE...

Multiple Choice

The amount of money we pay for a good or service

• currency

• price

• inflation

• economics

Multiple Choice

The place where goods and services are exchanged

• barter
• currency
• market
• resource

Multiple Choice

A general increase in prices

• price

• inflation

• scarcity

• demand

Multiple Choice

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource

• human resources

• consumer

• entrepreneur

Multiple Choice

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

Multiple Choice

How much people want something

• supply
• demand

Multiple Choice

another word for money

• barter
• economics
• currency
• price

Multiple Choice

Trading something for something else - no currency involved

• demand
• barter
• goods
• market

Multiple Choice

Basic things humans need to survive

• need

• want

• import

• demand

Multiple Choice

What is demand?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

• none of these

Multiple Choice

Which of these examples is a service?

• Mr. Farr sells guitars.

• Mr. Swenson gives art supplies to consumers.

• Coach provides lessons for different sports.

• Ms. Miller writes books.

Multiple Choice

These are examples of ________________ resources.

• capital

• natural

• scarce

• human

Multiple Choice

What type of resources are these?

• capital

• natural

• nautical

• human

Multiple Choice

The term used when there is not enough of something to go around is __________________.

• scarcity

• economic choices

• resources

• opportunity cost

Multiple Choice

The choice between two goods or services is known as ___________________.

• scarcity

• opportunity cost

• economic choice

• economic specialization

Multiple Choice

The good or service that you give up when you make an economic choice is called _____________________.

• opportunity cost

• economic choice

• economic interdependence

• economic specialization

Multiple Choice

________________ resources are the things that people use to make the goods or provide their services.

• Natural

• Capital

• Company

• Human

Multiple Choice

______________ resources are people working to produce goods or provide services.

• Capital

• Human

• Natural

• Manufactured

Multiple Choice

________________ are people who use services or buy goods.

• Producers

• Resources

• Pretty

• Consumers

Multiple Choice

______________ are people who use natural resources, human resources, and capital resources to make goods or provide services.

• Producers

• Services

• Goods

• Resources

Multiple Choice

________________ are activities that satisfy people’s needs and wants.

• Goods

• Services

• Needs

• Wants

Multiple Choice

_____________ are things that people make or use to satisfy their needs and wants.

• Goods

• Services

• Producers

• Consumers

Multiple Choice

Economics is a problem of

• How to redistribute income equally in the society

• How to allocate resources efficiently in the economy

• How to stabilise the prevailing price level in the economy

• How to provide jobs for everyone in the labor force

Multiple Choice

The basic economic problems are stated below except

• What goods and services to be produced?

• When goods and services to be produced?

• How much goods and services to be produced?

• For whom goods and services to be produced?

Multiple Choice

“the minimum wage of worker has led to the use of machinery in the production of keropok lekor”. This statement explain a basic economic problem of

• Who will produce?

• How to produce?

• What to produce?

• For whom to produce?

Multiple Choice

The concave shape of the production possibilities curve is a result of

• Increasing opportunity cost

• decreasing opportunity cost

• linear opportunity cost

• Inconsistent opportunity cost