Multiple Choice
Identify the
choice that best completes the statement or answers the question.
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1.
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In economic terms, the value of a person’s skills and education is
referred to as which of the following?
A. | natural resource | B. | capital good | C. | human
resource | D. | entrepreneur |
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2.
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In economic terms, a person who starts his or her own business is referred to as
which of the following?
A. | natural resource | B. | capital good | C. | human
resource | D. | entrepreneur |
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3.
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Which of the following natural resources is nonrenewable?
A. | plants | B. | forests | C. | animals | D. | minerals |
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4.
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The total value of all goods and services produced in one country in one year is
referred to as which of the following?
A. | specialization | B. | gross domestic product | C. | inflation | D. | consumer price
index |
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5.
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A continual increase in the price of goods and services is referred to as which
of the following?
A. | specialization | B. | gross domestic product | C. | inflation | D. | consumer price
index |
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Multiple Response
Identify one
or more choices that best complete the statement or answer the question.
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6.
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In all societies, people can be both producers and consumers of goods or
services. Which of the following statements is true? Select ALL that apply.
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7.
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Resources are the building blocks of an economy. These factors of production
include natural resources, capital goods, human resources, and entrepreneurship. From the list below,
select ALL of the natural resources.
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8.
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Resources are the building blocks of an economy. These factors of production
include natural resources, capital goods, human resources, and entrepreneurship. From the list below,
select ALL of the capital goods.
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9.
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Which of the following natural resources is renewable? Select ALL that
apply.
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10.
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If a producer wants to increase their profit, what actions might they take?
Select ALL that apply.
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Matching
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Match these economic terms to their definition. A. | needs | B. | goods | C. | wants | D. | services |
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11.
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things that you can touch
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12.
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things that are necessary for survival
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13.
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work that people perform
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14.
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things that are nice to have or are luxuries
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Match these economic terms to their definition. A. | scarcity | B. | opportunity
cost | C. | supply | D. | demand | E. | trade-off |
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15.
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amount of a good that people are willing to buy
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16.
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amount of a good for sale
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17.
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when there is high demand but limited supply
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18.
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the value of the next best alternative not chosen when making a
decision
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19.
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when an individual or business makes a choice to have less of one thing to get
more of something else
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Match the type of economic model below to how a society answers the 3 basic
economic questions: the goods and services to produce, how to produce them, and for whom to produce
them. A. | traditional | B. | command | C. | market | D. | mixed |
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20.
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supply and demand
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21.
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customs, beliefs, or habits
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22.
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government planning groups
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23.
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decisions are based both on supply and demand and by government
planners
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Countries sometimes try to limit trade by creating trade barriers. Match the
type of trade barrier below to its description. A. | tariff | B. | quota | C. | embargo | D. | subsidy | E. | standards |
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24.
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government gives money to certain businesses in order for them to compete with
imports from other countries
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25.
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specific limit placed on the number of imports allowed
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26.
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tax on imports, which typically increases prices of the goods
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27.
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government order stopping trade with another country
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28.
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government sets limits and rules regarding imports and domestic goods, which
typically increases the quality of these goods
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