Quiz on Economic Concepts

What is an import?

• something made and sold in the United States

• something bought from another country

• something sold to another country

What does the government do in a free enterprise system?

• sets up rules for economic activity

• controls all economic activity

• stays out of all economic activity

Which is a capital resource?

• lumber

• an oil rig

• a bricklayer

Which is a producer?

• a baker

• a reader

• a shopper

Which is a consumer?

• a band member performing

• an athlete playing a sport

• a sports fan watching a game

Which is an example of scarcity?

• a car dealership filled up with cars

• two items on five store shelves

• a bookstore with full shelves

Which is a nonrenewable resource?

• fish

• lumber

• natural gas

What is the opportunity cost of reading a book instead of going fishing?

• you will be tired after reading

• you will miss out on fishing

• you will have to go to library

How does the economy work?