Economic Concepts Quiz

Which country is known for having a command economy?

• North Korea

• England

• Spain

• The United States

Which of the following is not true about the factors of production?

• A) They are used to produce goods and services.

• B) The categories include natural resources, human resources, capital resources, and entrepreneurship.

• C) They are unlimited in supply.

• D) They are essential for economic activity.

They are the building blocks of all economies. What are they?

• Factors of production

• Natural resources

• Capital resources

Nonrenewable resources include ________.

• water

• soil

• gold

Renewable resources replenish ________.

• very slowly

• quickly

• not at all

Which of the following is not a factor of production?

• Land

• Labor

• Money

The factors of production can be ________.

• renewable

• exhaustible

• both

Is the following an incentive or a disincentive? A buy-one-get-one free sale on shoes.

• incentive

• disincentive

If the U.S. dollar weakens, what is likely to happen to the price of exports?

• Increase

• Decrease

• Stay the same

• Become unpredictable

Fill in the blank: A net worth statement is a financial statement that outlines your _______ and liabilities to help you calculate net worth.

• assets

• income

• expenses

• debts