SOCSCI 9_1st Qtr Tuotrial

Who is known for the theory of Communism?

• Adam Smith

• John Stuart Mill

• Karl Marx

What is the main focus of economics?

• Allocating scarce resources to meet unlimited wants

• Political systems

• Studying natural resources

Which is a basic problem of economics?

• Equality

• Scarcity

• Unlimited resources

When there isn’t enough to meet demand, it is called _______.

• Shortage

• Surplus

• Profit

Comparative advantage means ________

• Avoiding trade

• Producing goods at a lower opportunity cost

• Producing all goods more cheaply

Who is part of the labor force?

• People employed or looking for a job

• Stay-at-home parents not seeking work

• Retired individuals

If the labor force participation rate decreases, it means ______

• Fewer people are working or seeking jobs

• More people are joining the labor force
  

• The economy is expanding

A farmer uses a tractor to plow rice fields.

• Capital

• Human

• Natural

A teacher explains lessons to students.

• Capital

• Human

• Natural

Solar panels capture sunlight to make electricity.

• Energy

• Human

• Capital