Economics Basics Unit Test.
Which of these is an example of a capital resource
A. Workers
B. iron ore
c. entrepreneurs
d. computers
2. How does scarcity affect customers
a. limited miney forces consumers to make choices
b. Limited time prefents customers from making decisions
c. limited numbers of producers force customers to be loyal
d. limited wants and needs limit customers to small purchases
3. Use the passage to answer the question. What is the opportunity cost in the scenario above
a. one time expense of renovating restaurants
b. ongoing expense of high quality ingredients
c. money that is expeted to be provided by new adult customers
no because i passed, i found help from somewhere else, bye
I understand. If you need any further assistance in the future, don't hesitate to reach out. Have a great day!
these are for the 28 question ones. 11/7/2023 as in typing this =) (this is for those who had a hard time finding the answers to review their test like i did)
1. D
2. A
3. D
4. A
5. C & D
6. A
7. C
8. D
9. C
10. D
11. B
12. C
13. D
14. C
15. C
16. B
17. C
18. C
19. C
20. C
21. B
22. B
23. C
24. D
25. B
26. D
27. A
28. C
those are not the right questions bot
Which of these BEST represents a capital investment for a company?
-buying new equipment
A computer programmer, bank teller, and construction worker are all examples of
-human resources
Getting the goods and services that you want by offering a different good or service (not money) as payment is called _____________________________.
-Bartering
Maria goes on a shopping trip to get ready for her vacation. She loads her cart with a new purse for $12.00, a sun hat for $4.00, magazines for $6.00, and a beach towel for $4.00. When she gets to the register, she realizes she only has $20.00 in her pocket. Use the passage to answer the question. If Maria decides to purchase the sun hat, towel, and bathing suit, what is the opportunity cost of her purchase?
-The magazines
According to the law of demand, what role do low prices serve for buyers?
-Reward
How does scarcity affect customers?
- Limited money and resources forces consumers to make choices.
Which of the following goods or services is an import to the United States?
- Oil bought by the United States from the Middle East.
Which of the following is a characteristic of a Command Economy?
- Government control.
Which of these is an example of a monetary incentive?
- Earning an allowance for doing chores.
Which situation is more likely to occur in a Market Economy than a Command Economy?
-A citizen designs a new game and opens a store to sell it.
Trade barriers are designed to protect producers in the country from being put out of business by foreign producers with lower prices & to prevent trade deficits from happening.
- True.
When are equilibrium prices achieved?
- When supply equals demand.
Match the resources with the kind of resource they belong to.
- Natural: coal, Human: chef, Capital: computer.
A surplus means that a business made too much and may waste money on resources making products that will not get used or be thrown out.
- Surplus.
What does a relative price compare?
- The price of one good or service compared to another similar one.
A popular cell phone manufacturer begins selling a new phone with many unique features and is improved. Lots of people want to buy the new phone. The old phone cost $149.00. What is the most likely price of the new phone?
- $199.
A substitute is an equivalent or comparable good or service, which can drop demand for the original good or service, lowering prices over time.
- Substitute.
The law of demand describes the relationship between prices and demand.
- Demand.
If many buyers want a good or service that is in low supply, the price will most likely increase.
- Increase.
Price competition in the market, including price wars between competitors, typically benefits the consumer (buyer).
- Consumer (buyer).
d. The revenue that could have been earned from selling regular menu items during the time the restaurant was closed for renovations.
4. Which of the following is an example of a market economy
a. North Korea controlled by a dictator
b. The United States, where individuals and businesses make economic decisions
c. Cuba, where the government makes all economic decisions
d. Ancient Egypt, where the pharaoh controlled all aspects of the economy
5. What is the relationship between supply and demand?
a. Supply is always greater than demand, leading to shortages
b. Demand is always greater than supply, leading to surpluses
c. When supply goes up, demand goes down, and vice versa
d. When demand goes up, supply also goes up, and vice versa
6. What does the term "inflation" refer to?
a. A decrease in the general level of prices in the economy
b. The value of a currency increasing in comparison to other currencies
c. An increase in the general level of prices in the economy
d. An increase in the amount of goods and services available in the economy
7. Which of the following is not considered a factor of production?
a. Land
b. Labor
c. Capital
d. Money
8. How is GDP (Gross Domestic Product) calculated?
a. Adding up the values of all goods and services produced in a country in a certain time period
b. Adding up the total profits earned by all businesses in a country in a certain time period
c. Adding up the total income earned by all individuals in a country in a certain time period
d. Adding up the total exports of a country minus the total imports in a certain time period
9. What is the difference between a good and a service in economics?
a. Goods are physical products while services are intangible products
b. Goods are always more expensive than services
c. Services are always more valuable than goods
d. There is no difference between goods and services in economics
10. What is the purpose of the Federal Reserve in the United States?
a. To regulate international trade
b. To regulate banks and promote a stable economy
c. To set prices for goods and services
d. To oversee elections and ensure fair voting practices