Morog Economics Unit Test

Question 1

If you are someone who purchases good and services for personal use you are a ______?

Accepted Answer

consumer

Question 2

If a company decreases the price of a produce they should expect and increase or decrease in demand from consumers.

Accepted Answer

increase

Question 3

A tax placed on goods being brought into the country

Accepted Answer

Tariff

Question 4

Natural Resources are things that are found in nature and used to produce goods.

Accepted Answer

True

Question 5

In the winter will the demand for snow pants increase or decrease?

Accepted Answer

increase

Question 6

What situation will lead to the lowest price for consumers?

Accepted Answer

Many businesses produce a good quality product, giving consumers options

Question 7

The study of how Societies answer the Fundamental Questions of Economics

Accepted Answer

Economics

Question 8

An economy where the government has total control over what to produce and how to produce it is a _________?

Accepted Answer

Command Economy

Question 9

Actions that are capable of satisfying consumer&#x27;s wants/needs

Accepted Answer

services

Question 10

To decrease the supply of an object an company should produce more or less?

Accepted Answer

less

Question 11

A business that mows lawns provides a

Accepted Answer

service

Question 12

What is a Human Resource?

Accepted Answer

the people who do the work to produce a good/service

Question 13

Capitalism is another name for a Command Economy?

Accepted Answer

False

Question 14

Objects that are capable of satisfying consumer&#x27;s wants/needs

Accepted Answer

goods

Question 15

Goods that leave the country as part of trade

Accepted Answer

exports

Question 16

In the stock market it is important to buy when the price of stock is high and sell when the price of stock is low.

Accepted Answer

False

Question 17

What is an example of a natural resource?

Accepted Answer

water

Question 18

What are the Fundamental Questions of Economics?

Accepted Answer

Who to produce for?, What to produce?, How to produce it?

Question 19

What is it called when you exchange goods without using money?

Accepted Answer

barter

Question 20

In a traditional economy, how do people choose to answer the Fundamental Questions of Economics?

Accepted Answer

they follow the traditions and work the same job as family members

Question 21

Capital Resources are tools equipment needed for production example- lawn mower, oven, phone

Accepted Answer

True

Question 22

In a market economy the Fundamental Questions of Economics are answered by?

Accepted Answer

individual people having free choice

Question 23

If a company has too much (excess) of a good they have a _____?

Accepted Answer

surplus

Question 24

If a company increases the price of a product will the demand increase or decrease?

Accepted Answer

decrease

Question 25

Exchanging things of value

Accepted Answer

trade

Question 26

When global trade happens, what is the best outcome?

Accepted Answer

both countries get the goods they need/want, the trade is almost equal

Question 27

The limit to the amount of resources available

Accepted Answer

scarcity

Question 28

Goods that are brought in from foregin countires as a part of trade

Accepted Answer

imports

Question 29

In the summer, will companies increase or decrease their supply of sunscreen?

Accepted Answer

increase

Question 30

The amount of a product made by producers to satisfy consumers

Accepted Answer

supply

Question 31

When the price of an object decreases, the supply of the object will increase or decrease.

Accepted Answer

decrease

Question 32

The level of consumer interest/desire to buy a product

Accepted Answer

demand

Morog Economics Unit Test

Questions 32

Morog Economics Unit Test

Questions 32