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Economics Review

Total questions: 30

Worksheet time: 3600secs

Name
Class
Date
1.

What are examples of natural resources?

a)

water

b)

trees

c)

soil

d)

all of the above

2.

What are examples of human resources?

a)

farmers

b)

cashiers

c)

teachers

d)

all of the above

3.

How are capital resources used?

a)

they are used to create another good or service.

b)

they are not used by everyone

c)

they take too much work

d)

they are only used for capital cities

4.

What is one risk of being an entrepreneur?

a)

Not knowing if your product will sell

b)

Making a lot of money

5.

What are examples of capital resources?

a)

factory workers

b)

steel

c)

wood

d)

all of the above

6.

What are capital resources?

a)

tools and machines

b)

goods produced and used to make other goods

c)

capital goods

d)

all of the above

7.

Which resources are man-made?

a)

natural

b)

human

c)

capital

d)

land

8.

Tools and machines used to do a job.

a)

Entrepreneur

b)

Natural Resource

c)

Capital Resource

d)

Human Resource

9.

One benefit of being an entrepreneur is being your own boss.

a)

True

b)

False

10.

Please select the capital resource a police officer may use.

a)

water

b)

a partner

c)

handcuffs

d)

soil

11.

A person who starts their own business to provide jobs.

a)

Entrepreneur

b)

Capital Resource

c)

Human Resource

d)

Natural Resource

12.

Please identify the natural resource.

a)

lamp

b)

light bulb

c)

sunlight

d)

flash light

13.

Which is a human resource a resturant owner may need?

a)

waiter

b)

food

c)

dishes

d)

cash register

14.
What is an entrepreneur?
a)
A person who is in charge of a specific location.
b)
A person who works for someone else in order to learn skills.
c)
A person who organizes and operates a business or businesses.
d)
None of these
15.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management
16.

Which is a characteristic of a successful entrepreneur?

a)

Motivated

b)

Takes very little risk

c)

Passionate

d)

Hard-working

17.

Humans doing a job or making things.

a)

Natural Resource

b)

Capital Resource

c)

Human Resource

d)

Entrepreneur

18.
Which is NOT a common characteristic of an entrepreneur?
a)
risk-taker
b)
creative
c)
organized
d)
irresponsible
19.
An entrepreneur is someone who works for themselves.
a)
True
b)
False
20.

This type of resource is found in nature and is not man-made.

a)

Capital Resource

b)

Natural Resource

c)

Human Resource

d)

Entrepreneur

21.
Most entrepreneurs work long hours, but they create their own schedule.
a)
True
b)
False
22.

What are human resources?

a)

things we need to survive

b)

people that have lots of money

c)

the people who work for a business

d)

people who are smart

23.

This occurs when different countries choose to engage in the exchange of goods with one another.

a)

Specialization

b)

Voluntary Trade (Exchange)

c)

Currency

d)

Currency Exchange

24.
When countries rely on each other for resources, goods, or services. 
a)
Specialization
b)
Interdependence
c)
Scarcity
d)
Trade
25.
To swap products with someone
a)
Trade
b)
Specialization
c)
Exchange rate
d)
Import
26.

When people trade because they both want what the other person has

a)

Trade barrier

b)

Voluntary Exchange (Trade)

c)

International trade

d)

Free trade

27.
When one person or group depends on or relies on another
a)
Import 
b)
Specialization
c)
Interdependent
d)
Export
28.
You pay your sister $5 to clean your messy bedroom.
a)
Good
b)
Service
29.
You buy a book from a garage sale.
a)
Good
b)
Service
30.

Does your teacher miss you?

a)

Yes, very much.

b)

You've got to be kidding!

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