assesment one - geo,eco,civics

What is the basic problem of economics?

• Unlimited resources

• Limited resources

• Scarcity of resources

Which of the following is a factor of production?

• Technology
  

• Demand

• Land

What does GDP stand for?

• Gross Domestic Product

• Government Data Projection

• Global Development Plan

Inflation means:

• A general increase in prices

• A decrease in prices

• A rise in the value of money

A market economy is one where:

• Supply and demand set prices

• There is no competition

• The government controls all production

Which type of economy does the USA have?

• Traditional

• Mixed

• Command

Which is an example of a renewable resource?

• Natural gas

• Coal
  

• Wind

What is opportunity cost?

• The total cost of production

• The cost of missing an opportunity
  

• The next best alternative foregone

Which sector of the economy includes farming and fishing?

• Primary

• Quaternary

• Tertiary

The imaginary line that divides the Earth into Northern and Southern hemispheres is called:

• Tropic of Capricorn

• Equator

• Tropic of Cancer