Economics Mini-Quiz #2

What do economists mean by the term "scarcity"?

• Having too few or too little of resources

• Having too many resources

• Having just enough resources

• Having the correct amount of resources

Which choice best describes the economic problem of scarcity in the world?

• People have limited wants there is an unlimited amount of resources.

• People have unlimited wants but there is a limited amount of resources

• People have no wants so resources don't matter

These productive resources are raw materials that come from nature or the earth that people use to make goods.

• Natural Resources

• Human Resources

• Capital Resources

Which type of economy allows the government to determine what to produce, how to produce it, and who gets it?

• Command Economy

• Market Economy

• Traditional Economy

Which type of economy allows people to freely decide what to produce and how to produce it and people get or buy what they can afford?

• Command Economy

• Market Economy

• Traditional Economy

A country has a surplus of rich farmland, water sources, and capital resources such as tractors.In what industry should this country specialize?

• Agriculture and Farming

• Mining

• Technology

• Manufacturing

goods made to use in the production of other goods

• capital resouces

• demand

• taxes

• export

Which of the following is NOT an indicator of standard of living?

• Literacy rate

• Population age distribution

• Infant mortality

• Cultural heritage

The greater the country’s level of economic development, the —

• higher the quality of life

• higher the agricultural labor force

• lower the cost of living

• lower the urban population

Most people in developing nations earn their living by —

• farming.

• hunting and fishing.

• working in manufacturing

  industries.

• working in service industries.