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- 1. Multiple Choice
Which of these is NOT an economic need?
food
shelter
love
clothing
- 2. Multiple Choice
What is a profit?
money left after paying expenses
money made from sales
money a business has lost
money used to pay expenses
- 3. Multiple Choice
Which of these is NOT an example of a good?
trucks
houses
auto repair
computers
- 4. Multiple Choice
Scarcity occurs when everyone has enough resources to meet their needs and wants.
True
False
Sometimes true
- 5. Multiple Choice
The main goal of every business is to
produce quality goods.
make money.
produce a large amount of goods.
ensure their customers are satisfied.
- 6. Multiple Choice
All of the following are examples of natural resources EXCEPT
land.
water.
gold.
paper.
- 7. Multiple Choice
What is another term for barter?
trade
produce
dig
pay
- 8. Multiple Choice
The value of all possessions a person or country has is called
economy
money
wealth
power
- 9. Multiple Choice
As the price of a good/service goes up, consumers are less willing to buy it.
True
False
- 10. Multiple Choice
Which of the following is NOT an example of capital?
labor
delivery truck
office supplies
factory building
- 11. Multiple Choice
Which law says that as the price of a good goes down, consumers are more willing to buy?
Law of Supply
Law of Demand
Factor of Production
Scarcity
- 12. Multiple Choice
What is currency?
type of money
type of resource
type of profit
type of capital
- 13. Multiple Choice
Which of the following is NOT a factor of production?
capital
labor
entrepreneurs
services
- 14. Multiple Choice
What is another term for buyers?
consumers
employees
entrepreneurs
businesss
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