Unit 8 Civics test review

The factors of production include the number of

• customers needed to make a profit on a good.

• consumers who show an interest in a good.

• employees needed to manufacture a good.

• producers who supply the same good.

Which of the following is an example of a capital resource?

• coal

• machinery

• time

• horse

Most resources are nonrenewable, and wants and needs are unlimited. This is an example of

• production

• scarcity

• labor

• devaluation

Which occurs during disequilibrium? Check all that apply.

• Supply and demand meet.

• Supply is less than demand.

• Supply and demand set prices.

• Supply is greater than demand.

• Supply and demand set production.

It costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to discontinue production of shirts to focus on jeans. For this company, the $15 is the _______, and discontinuation of shirt production is considered their __________.

• opportunity cost; production cost

• production cost; resource cost

• production cost; opportunity cost

• resource cost; production cost

What is an example of scarcity

• an abundance of resources

• limited resources

• renewable resources

• a choice of resources

Jacob is considering buying a new car. Which nonrenewable resource should influence the decision?

• labor

• water

• minerals

• petroleum

Which best defines a service?

• a task that is performed in exchange for payment

• an object that is acquired

• a plan that is executed

• an image that is drawn

What forces businesses, industries, and governments to make decisions?

• services

• producers

• goods

• scarcity

Which activity would a consumer most likely perform?

• filling a lawnmower with gas

• answering phones in an office

• growing vegetables in a home garden

• helping mow lawns in the neighborhood