Economics 10th grade

Which of the following best describes wants?

• limited and ever changing

• unlimited and ever changing

• limited and never changing

• unlimited and never changing

Into what four categories do economist divide factors of production

• land, labor, capital, and entrepreneurship

• land, labor, money, and entrepreneurship

• resources, labor, capital, entrepreneurship

• resources, labor, money, and entrepreneurship

What does the saying "There is no such thing as a free lunch" mean?

• some things cost nothing

• most things cost nothing

• most things cost something

• everything costs something

Which of the following involves using resources to produce the maximum amount of goods and services?

• utilization

• underutilization

• efficiency

• overefficiency

Which of the following would macroeconomics study?

• a general rise in prices

• a decline in coffee prices

• the success rate of sandwich shops

• the work habits of students

Who wrote The Wealth of Nations?

• Alexander Hamilton

• Thomas Malthus

• Karl Marx

• Adam Smith

A person who makes goods or provides services is called a?

• consumer

• customer

• provider

• producer

An example of underutilization is producing?

• as many muffins and widescreen televisions as the economy is capable of making

• fewer muffins and widescreen televisions than the economy is capable of making

• more muffins and fewer widescreen televisions

• fewer muffins and more widescreen televisions

A microeconomist would study?

• a general decline in prices

• a rise in tea prices

• the ups and downs of business cycle

• the impact of national tax policies

Adam Smith argued that a nation would be wealthier if it engaged in?

• mercantilism

• free trade

• state-controlled mercantilism

• state-controlled trade