Economics Unit 1 Test

In this type of economy, the people decide the supply, demand, and price.  

• Market 
• Traditional
• Command 
• Mixed

This type of economy is passed down through family traditions. They learn from their parents. 

• Traditional 
• Market 
• Mixed 
• Command 

Which type of economy has central ownership, the government, and lack of individual choice?

• Market

• Mixed

• Command

• Traditional

Which type of economy is usually paired with a Communist government?

• Mixed
• Market
• Command
• Traditional

What is scarcity? 

• Giving something up to have something else
• Extra cost of production
• The condition that results form having unlimited wants with limited resources
• Rise in general level of prices and workers need more money

Which of the following is NOT a natural resource?

• Oil
• Water
• Car
• Air

Which of the following IS a capital resource?

• Wood
• Computer
• Labor
• Knowledge

The gross national product of a country would be studied in:

• Microeconomics

• Macroeconomics

• Business relations

Why someone chooses to buy one product over another is included in the study of ____________.

• Microeconomics

• Macroeconomics

• Business relations

Which of the following is a renewable resource?

• oil

• time

• sun

• coal