7th Grade: Geography Unit 4 Economics Test

Which of these is NOT a factor of production?

• Natural Resources
• Capital
• Consumers
• Labor

What term means "trading without using money"?

• Bartering
• Distributing
• Exchanging
• Producing

This term means that resources are limited:

• Supply
• Sparse
• Scarcity
• Demand

What happens to the price of a good when the supply for it goes up?

• The price goes up
• The price goes down

Manufacturing (Factory) jobs are in which sector of the economy?

• Primary
• Secondary
• Quaternary
• Tertiary

What happens to the price of a good when the demand for it goes up?

• The price goes up
• The price goes down

What is the term for the total dollar value of all the final goods and services produced in a country in a year?

• GDP
• GDP per capita
• Supply and Demand
• Money Market

Restaurants and hotels are part of which sector of the economy?

• Primary
• Secondary
• Tertiary
• Quaternary

Which of these is NOT an example of capital?

• Money
• Machinery
• Factories
• Workers

This is what you give up when you make a decision:

• Commands
• Factors of Production
• Opportunity Cost
• Primary Costs