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- 1. Multiple Choice
What do economists mean by the term "scarcity"?
Having too few or too little of resources
Having too many resources
Having just enough resources
Having the correct amount of resources
- 2. Multiple Choice
Which choice best describes the economic problem of scarcity in the world?
People have limited wants there is an unlimited amount of resources.
People have unlimited wants but there is a limited amount of resources
People have no wants so resources don't matter
- 3. Multiple Choice
These are resources people use to make goods and services.
Productive Resources
Economic Resources
Financial Resources
Basic Resources
- 4. Multiple Choice
These productive resources are raw materials that come from nature or the earth that people use to make goods.
Natural Resources
Human Resources
Capital Resources
- 5. Multiple Choice
These productive resources are goods made to produce for goods and provide more services.
Natural Resources
Human Resources
Capital Resources
- 6. Multiple Choice
Which of the following are examples of goods?
Apples, Computers, Clothing
Firemen, Police Officers, Soldiers
Health, Love, Friendship
- 7. Multiple Choice
Which of the following are examples of services?
Apples, Computers, Clothing
Firemen, Police Officers, Soldiers
Health, Love, Friendship
- 8. Multiple Choice
Which of the following is not one of the three basic questions economists try to solve?
What should be produced?
How should it be produced?
Who gets what is produced?
When should it be produced?
- 9. Multiple Choice
Which type of economy allows the government to determine what to produce, how to produce it, and who gets it?
Command Economy
Market Economy
Traditional Economy
- 10. Multiple Choice
Which type of economy allows past customs and family tradition to determine what to produce, how to produce it, and who gets it?
Command Economy
Market Economy
Traditional Economy
- 11. Multiple Choice
Which type of economy allows people to freely decide what to produce and how to produce it and people get or buy what they can afford?
Command Economy
Market Economy
Traditional Economy
- 12. Multiple Choice
Which two countries would likely trade with each other?
Two countries that are located far away from each other
Two countries that both have the same population.
Two countries who people both speak the same language.
Two countries that each specialize in producing different goods.
- 13. Multiple Choice
A country has a surplus of rich farmland, water sources, and capital resources such as tractors.In what industry should this country specialize?
Agriculture and Farming
Mining
Technology
Manufacturing
- 14. Multiple Choice
A country has a surplus of oil, coal, and precious metals. In what industry should this country specialize?
Agriculture and Farming
Mining
Technology
Manufacturing
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