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WorksheetsChap 1 Econ Practice Test
Total questions: 11
Worksheet time: 6mins
A shortage of a resource, like water and corn in 2012, is considered...
Scarcity
Surplus
Profits
Income
Water may be considered a _______; while diamonds may be considered a ________.
resource; scarcity
necessity; luxury
good; resource
shiny thing; shiny thing
Which type of economy is run by the businesses & business owners and has little to no government intervention?
Command
Mixed
Communist
Market
When each person has a special skill and does one job or one part of a project./ Cuando cada persona tiene una habilidad especial y hace un trabajo o una parte de un proyecto.
Interdependence
Specialization
Division of Labor
When a project is divided, or broken down, into smaller jobs./ Cuando un proyecto se divide o desglosa en trabajos más pequeños.
Interdependence
Specialization
Division of Labor
A Trade-off is
a purchase in a marketplace.
an alternative that we sacrifice when we make a decision.
any good or service a consumer needs.
a factor of production.
What name is given to the value of the next best alternative that you give up when you make a decision?
Trade-offs
Opportunity cost
Lost opportunities
Options
What roles do individuals play in a market economy?
Individuals are consumers and laborers/entrepreneurs
Individuals create specialized work
Individuals make payment for resources
Individuals buy productive resources
True or False. Mexico has a stronger agricultural economy than the United States?
True
False
