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- 1. Multiple Choice
Why does scarcity exist?
Wealthy private business owners keep all of the money for themselves.
Governments control all the resources in society.
There are unlimited needs and wants but limited resources from which to satisfy them.
There are limited needs and wants but unlimited resources to satisfy them.
- 2. Multiple Choice
What does scarcity force societies to have to do?
Make choices
Make money
Lose resources
Have winners and losers.
- 3. Multiple Choice
Food, water, shelter, and entertainment are all considered economic needs.
True
False
- 4. Multiple ChoiceWhich one of the following is considered an economic want?Food & WaterClothingShelterTransportation
- 5. Multiple ChoiceA good that lasts three years or more when used on a regular basis is called aCapital GoodConsumable GoodNondurable GoodDurable Good
- 6. Multiple ChoiceWhich of the following is considered a nondurable good?John Deere TractorLincoln Welding TorchBlow dryertoilet paper
- 7. Multiple ChoiceWhich of the following could be considered both a durable good and consumer good?Automobilecondomsdental flossa loaf of bread
- 8. Multiple ChoiceThe cotton gin revolutionized the cotton industry by making the production of cotton a lot more.....efficientunderutilizedinefficientfaster
- 9. Multiple ChoiceWhen Eli Whitney created the cotton gin, he made improvements in which of the following factors of production?EntrepreneurshipCapital GoodsHuman CapitalLand
- 10. Multiple ChoiceWhat are the four factors of production?Land, Labor, Consumer, OwnerEntreprenuer, Office, Materials, LaborHuman Capital, Labor, Entrepreneur, LandLand, Labor, Capital, Entrepreneur
- 11. Multiple ChoiceThe apparent contradiction between the high value of a nonessential item and the low value of an essential item was referred to in the book, Wealth of Nations by Adams Smith in 1776, as what?The Contradiction of ValueThe Invisible Hand of MarketsParadox of valueSomething of value
- 12. Multiple ChoiceThe capacity to be useful and provide satisfaction is called what?UsefulnessPleasureUtilityScarcity
- 13. Multiple Choice
Which of the following is NOT a question that all societies must answer?
What to produce
How to produce
Why to produce
For whom to produce
- 14. Multiple ChoiceA good entrepreneur should avoid risk at all cost! After all nobody wants to lose money right?TrueFalse
- 15. Multiple ChoiceEntrepreneurs are risk-takers in search of ________ but also face ________ when the business fails.Revenue; costsCustomers; the bossmarkets; bankruptcyprofits; losses
- 16. Multiple ChoiceWhen a society makes a choice there will always be at least one loser, even if it is only temporary.TrueFalse
- 17. Multiple Choice
If Jose decided to study for his test which of the following would NOT be the opportunity cost be of that decision?
playing Fortnite Ranking
Getting a good grade on the test
Spending quality time with his girlfriend.
Working out at the gym.
- 18. Multiple ChoiceThe sum of people's skills, abilities, health, and motivation are calledHuman capitallaborcapital goodfinancial capital
- 19. Multiple ChoiceWhich of the following is not included in human capital?a workers skillsa workers abilitiesa workers motivationa workers background
- 20. Multiple ChoiceEconomics is the study of how people try to satisfy seemingly unlimited and often competing needs and wants through the careful use of relatively scarce resources.TrueFalse
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