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Unit 6: NC's Economy

Total questions: 21

Worksheet time: 8mins

Name
Class
Date
1.

an economic decision where someone sacrifices, or gives up, certain things to get other things.

a)

opportunity cost

b)

trade-off

c)

loan

d)

finance

2.

What people decide to give up in order to get something else is called the...

a)

opportunity cost

b)

trade-off

c)

loan

d)

finance

3.

something that people would like to have

a)

want

b)

need

4.

A ___ resource cannot be made again quickly by nature or people.

a)

renewable

b)

want

c)

nonrenewable

d)

financial

5.

A ___ resource can be made again by nature or people.

a)

renewable

b)

want

c)

nonrenewable

d)

financial

6.

___ is the protection and careful use of natural resources.

a)

Renewable resources

b)

Recycling

c)

Capital resources

d)

Conservation

7.

___ is the way people in a state, region, or country use resources to meet their needs.

a)

Social

b)

Politics

c)

Economy

d)

Conservation

8.

In this kind of economy, people are free to start and run their own businesses with only limited control by the government.

a)

freedom economy

b)

limited economy

c)

free enterprise economy

d)

capital economy

9.

a person who organizes and runs a business

a)

business

b)

entrepreneur

c)

capital resource

d)

economy

10.

Which is NOT one of the three factors of production?

a)

human resources

b)

finance

c)

capital resources

d)

natural resources

11.

This NC city is the second-leading finance center in the United States...

a)

Charlotte

b)

New Bern

c)

Raleigh

d)

Chapel Hill

12.

use or management of money

a)

loan

b)

free enterprise economy

c)

economy

d)

finance

13.

a tax based on how much a person earns and is collected by the national government and by some state governments.

a)

interest

b)

free enterprise economy

c)

income tax

d)

finance

14.

tax that is charged on land and buildings.

a)

interest

b)

property tax

c)

income tax

d)

finance

15.

the money a bank or a borrower pays for the use of money

a)

interest

b)

property tax

c)

income tax

d)

finance

16.

Income is...

a)

the money a person makes from their job

b)

a savings account

c)

a bank account

d)

a business

17.

By law, governments in the United States must be able to show ____________________ how tax money is _____________.

a)

citizens, spent

b)

law officials, spent

c)

politicians, wasted

d)

the US President, saved

18.

North Carolina’s state government provides services for people who live in North Carolina.

a)

False

b)

True

19.

Synthetic fibers are made from...

a)

animal furs.

b)

plants.

c)

chemicals.

20.

depending on one another for products

a)

interdependence

b)

dependence

c)

import

d)

export

21.

The division of labor is the increase of production or work into different jobs or tasks.

a)

True

b)

False