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- 1. Multiple ChoiceThe definition of Scarcity is...An unlimited amount of resources to meet limited wants and needsA limited amount of resources to meet unlimited wants and needs.When people use time and energy to create eventsa city where individuals commit themselves to unlimited wants and needs
- 2. Multiple ChoiceWhich of these is NOT a way we deal with Scarcity?Creating more resourcesDoing without somethingMaking better use of our resourcesExpanding time
- 3. Multiple ChoiceTrue or False: Most resources can be used for only one thing at a time.TrueFalse
- 4. Multiple Choice____________ are the products made in an economy.GoodsServicesConsumption
- 5. Multiple Choice______________________ are provided to you by a company.ConsumptionGoodsServices
- 6. Multiple ChoiceA garbage truck driver is an example of which Factor of Production?laborlandentrepreneurshipcapital
- 7. Multiple ChoiceIron, minerals, coal and plants are examples of which productive resource?landlaborentrepreneurshipcapital
- 8. Multiple Choice
Which factor of production would you consider a lawn mower?LandLaborCapitalEntrepreneur - 9. Multiple ChoiceWhat is this resource?human resourcecapital resourcenatural resourcehuman and capital resource
- 10. Multiple Choice
Which one of these definitions best describe 'Opportunity Costs'?
The cost of making one decision over another.
The cost for the opportunity to buy anything you want.
The opportunity that will cost you loads of money.
- 11. Multiple ChoiceWhat is the most basic problem of economics?ScarcityAllocationProductivitySpecialization
- 12. Multiple ChoiceThe use of the smallest amount of resources to produce the greatest amount of output. It is the main reason why scarcity is good.ScarcityAllocationProductivityEfficiency
- 13. Multiple ChoiceWhat is being represented by the "green flow lines"Flow of MoneyFlow of Goods and Serviceslaw
- 14. Multiple ChoiceWhat is being represented by the "red flow line"The flow of moneyThe flow of goods and services
- 15. Multiple ChoiceIn the circular flow model, what do individuals SELL to businessesServicesMoneyResourcesD Goods
- 16. Multiple ChoiceIn the United States economy, what do businesses buy from consumers?ResourcesInterestgoodsservices
- 17. Multiple ChoiceIn the products marketfirms buy goods and services from householdsfirms sell goods and services to householdsfirms sell resources to householdsfirms buy resources from households
- 18. Multiple ChoiceWhat do the households provide businesses?LabourWagesResourcesGoods and services
- 19. Multiple ChoiceThe circular flow model of a market economy showshow profits are madewhat inputs are required for what outputshow many firms can support the needs of how many householdsthe interactions between households and firms in the free market
- 20. Multiple ChoiceIn the circular flow model, the product market describes _____.stores that sell goods and services to householdsthe government paying for public goodshouseholds selling their labor to businesseshouseholds receive income from businesses
- 21. Multiple ChoiceWhat do businesses provide for consumers according to the circular flow model?goods and servicesonly goodsonly servicestaxes
- 22. Multiple ChoiceGoods and services are sold in the ___ marketFactorProduct
- 23. Multiple ChoiceLook at the picture. What should replace Y?ConsumersFirmsFactorsRevenue
- 24. Multiple ChoiceWhat is shown in the picture?Circular Flow model of the economySupply CurveDemand CurveSomething economics
- 25. Multiple ChoiceWhat is the name of the money that consumers spend on products?expenditureswagesDemand Curveprofits
- 26. Multiple ChoiceWhat is the money called that FIRMS receive for the sale of goods and services?RevenueProfitsDemand CurveWages
- 27. Multiple ChoiceWhat are the names for the money that Firms put into the FACTOR market and that HOUSEHOLDS receive for the sale of scarce resourcesWagesProfitsIncomeAll of the above
- Answer choicesTagsAnswer choicesTags