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Unit 1 Economics Final Exam Review

Authored by Cierra Young

Social Studies

12th Grade

87 Questions

Used 5+ times

Unit 1 Economics Final Exam Review
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of scarcity?

Unlimited human wants vs. a limited supply of resources.

The ability to work, think, and create.

Tangible items you can see, touch, and feel.

Man-made assets that aid in production.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the implication of scarcity?

A) Every choice involves trade-offs because resources are finite.

B) Goods are always available.

C) Services are tangible.

D) Capital goods are natural resources.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: Human resources are efforts (both physical and mental) provided by _____

people

machines

animals

computers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a human resource?

Your ability to work, think, and create.

Machinery.

Solar energy.

A car.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are natural resources?

"Gifts of nature" that can be used for production.

Man-made assets that aid in production.

Intangible activities or benefits provided.

Tangible items you can see, touch, and feel.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a renewable resource?

Solar energy

Fossil fuels

Machinery

Haircuts

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Exhaustible resources are limited and can be depleted.

True

False

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