Econ PreTest

Economics is all about

• money

• banking

• decision making

• the stock market

There is no such thing as Free Lunch.

• True

• False

A person who starts a new business in a community is called a/an

• entrepreneur

• manager

• bureaucrat

• politician

In the USA who determines what goods and services are produced/offered?

• Government

• Producers

• Consumers

• Producers and Consumers

The resources used in the production of goods and services are limited, therefor, society must

• Try to obtain additional resources

• Reduce their use of resources

• Make choices about how to use resources

• Produce more products and less services

To an economist, the term inflation refers to

• Selling air-filled products

• a decrease in prices

• an increase in prices

• a positive growth in our economy

All of the following are necessary characteristics of money/currency EXCEPT

• Divisibility

• Durable and portable

• Limited Supply

• show important historical figures

Which of the following best describes the Economic System of the United States?

• Traditional

• Command

• Market

• Mixed

What are the factors of production?

• Land and Labor

• Land, labor, capital & entrepreneurship

• Money and Labor

• Money and Government and Labor

_________________________ is often referred to as the "Father of Economics."

• Karl Marx

• John Maynard Keynes

• Fredrich Engels

• Adam Smith