Economics First Period Exam

Identify the capital in this passage

• Pan and injectors

• Little Short Cake Fingers

• Strawberry cream filling

• The bakery plant manager

According to the quote by Alice Rivlin, if you have a rudimentary working knowledge of economic concepts, you will be:

• Able to ask questions to gain more knowledge

• Left out of conversations about economic issues

• Unable to talk about economic issues with foreigners

• Able to understand the fine points about economic issues

Work that is performed for someone

• Service

• Labor

• Productivity

• Capital

The sum of the skills, abilities, health, knowledge and motivation of people

• Human capital

• Productivity

• Labor

• Entrepreneurship

The struggle among sellers to attract consumers

• Competition

• Marketing

• Specialization

• Productivity

Tools and equipment used in production

• Resources

• Capital

• Income

• Goods

To arrive at an economic decision, a decision-making grid may be used to evaluate:

• Alternative choices of action

• Productivity

• Only durable goods

• Only capital goods

Manufactured goods needed to produce other goods and services are called:

• Capital goods

• Nondurable goods

• Consumer goods

• Services

Political and economic system in which the factors of production are owned and controlled collectively by the State

• Traditional economy

• Market economy

• Command economy

• Socialism

Economic system in which basic economic decisions are made by a central authority

• Market economy

• Socialism

• Traditional economy

• Command economy