Economics Unit Test Review

Economics Unit Test

2020

Multiple Choice

The basic economic problem. There are a limited number of resources.

• Services

• Scarcity

• Supply

• Specialization

Multiple Choice

Skills and time contributed by people in the production of goods and services

• Human resources

• Supply

• Economics

• Services

Multiple Choice

The amount of product that producers are willing and able to sell at a given price.

• Imports

• Exports

• Demand

• Supply

Multiple Choice

The level of consumer interest in a product.

• Demand

• Supply

• Exports

• Specialization

Multiple Choice

The process of concentrating on and becoming expert in a particular subject or skill.

• Services

• Supply

• Specialization

• Economics

Multiple Choice

Goods brought in from foreign countries as part of a trade.

• Exports

• Supply

• Imports

• Demand

Multiple Select

What are the three different types of productive resources?

• Human resources

• unnatural resources

• supply resources

• capital resources

• natural resources

Multiple Choice

Actions that are capable of satisfying people's wants/ needs.

• Specialization

• Services

• Economics

• Scarcity

Multiple Choice

Goods sent out of a country as a part of a trade.

• Exports

• Imports

• Services

• Human resources

Multiple Choice

Study of how societies decide what to produce, how to produce it, and for whom to produce.

• Supply

• Specialization

• Human resources

• Economics

Multiple Choice

Objects capable of satisfying people's wants/ needs.

• Services

• Goods

• Supply

• Exports

Multiple Choice

Lawn Boy's business focused on providing lawn care. Lawn Boy was providing his customers with a________

• Service

• Product

Multiple Choice

What does competition in business do to the price of a product?

• Increases price

• Decreases price

• Competition has no effect on price.

Multiple Choice

Consumers would be willing to pay a higher price for a good or service if the ________________ was higher than the other good or service available.

• quantity

• quality

Multiple Choice

The world's natural resources are ________________ distributed

• evenly

• unevenly

Multiple Select

What are the three examples of capital resources listed?

• money

• solar

• wind

• roads

• factories

Multiple Choice

A high demand for a product will cause the price to _________ for the customer

• decrease

• increase

Multiple Choice

Which of the following situations is most likely to lead to lower prices?

• There is only one producer making the good.

• Businesses secretly agree to share their profits.

• Competition between businesses is not allowed.

• Several producers compete to sell a good to the public.

Multiple Select

What are the three examples of natural resources listed?

• wood

• wind

• cars

• factories

• coal

Multiple Choice

In this type of economy the government has control over all the resources.

• Traditional

• Command

• Market

Multiple Select

What are the three human resources listed below?

• tractor

• windmill

• Doctor

• Construction worker

• Teacher

Multiple Choice

In this type of economy people follow tradition and typically work the same jobs as the rest of their family members.

• Traditional

• Command

• Market

Multiple Choice

In this type of economy producers and consumers work together to decide what is produced. The producers and consumers set a price that benefits everyone.

• Traditional

• Market

• Command

Multiple Select

What are the three fundamental questions of economics?

• What to produce?

• Not to produce?

• For whom to produce?

• How to produce?

• Stuff to produce?

Multiple Choice

If a store has overstocked an item (high supply), this will cause the price of the item to_________

• decrease

• increase