Economics Review

Which of the following is not a service?

• Dry Cleaner
• Car Wash
• Clothes
• Babysitter

Things we buy that we can touch or hold

• services
• opportunity cost
• goods
• natural resources

Things that were not made by humans and are found in nature

• natural resources
• human resources
• capital resources
• services

If a drought severely reduces the amount of asparagus available to consumers, what would you expect to happen?

• The demand for asparagus will go down.

• The price of asparagus will go up.

• The price of asparagus will stay the same.

If supply of a product is limited, but demand is high, how would the price be affected?

• It would go up

• It would go down

• It will stay the same

A tractor that pulls a plow is an example which type of resource?

• A. natural resource

• B. human resource

• C. service resource

• D. capital resource

Which is an example of a human resource?

• A. a body of water

• B. a construction worker

• C. a school

• D. a computer

An entrepreneur is .

• A. a resource owner

• B. a factory worker

• C. a business owner

• D. a smart worker

________means that we have limited quantities of resources to meet our unlimited wants.

• Surplus

• Scarcity

• Reduction

• Specialization

What will probably happen if something people want to buy is scarce?

• The price will go up.
• The price will go down.
• You will be able to get it for free.