BF10 Standard 2 Test Unit EC06 EC11 EC 12

A gap between unlimited wants and limited resources creates ___________

• economics

• resources

• wants

• scarcity

Seeing a movie at a theater would be considered a(n) __________ want.

• economic

• unlimited

• limited

• non-economic

The heart of economics is ___________________.

• trade-offs

• wants

• resources

• decision making

What are the three basic economic questions?

• When will products be produced, how will products be produced, and how will products be allocated.

• When will products be produced, what products will be produced, and how will products be allocated.

• What products will be produced, how will products be produced, and how will products be allocated.

• Where will products be produced, when will products be produced, and what products will be produced.

Which one of the following groups of words best describes wants:

• Limited, changing, and compensating

• Unlimited, changing, and competing

• Limited, unchanging, and competing

• Unlimited, unchanging, and compensating

A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating _____________.

• social responsibility

• wholesaling

• voluntary chains

• e-tailing

Why are resources considered limited?

• Everyone has them, and they change

• There are not enough available for everyone to have as much of them as desired

• There are so many that people must decide which ones to choose at any one time

• Entrepreneurs do not invest enough in them

In economics, capital goods include __________.

• labor and management

• mental and physical work

• buildings and equipment

• trees and water

______reflects the quantities that consumers are willing and able to buy at various prices during the same time period.

• Demand
• Supply
• Equilibrium Price

• Excess Supply

The point at which the quantity of a good that buyers want to buy equals the quantity that sellers are willing to sell at a certain price is referred to as__________.

• Excess Demand

• Equilibrium Price

• Excess Supply

• Market Price