Chap 1 Econ Practice

Question 1

Which is NOT a Factor of Production?

Accepted Answer

Time

Question 2

Which of the following items would be considered a need?

Accepted Answer

Food

Question 3

Opportunity Cost means...

Accepted Answer

what you must give up in order to gain another

Question 4

Which of the following is an example of a tangible good? (Something you can touch...)

Accepted Answer

A Shirt

Question 5

Someone who starts a business or provides the capital to start a business is called a (n) _____________________.

Accepted Answer

entrepreneur

Question 6

Which one of the following items would be considered a want?

Accepted Answer

Desiner Shoes

Question 7

Which word means "doing something useful for others"?

Accepted Answer

service

Question 8

What are the three basic questions of economic systems?

Accepted Answer

What? How? For Whom?

Question 9

Which of the following would be considered microeconomics?

Accepted Answer

Study of an individual consumer grocery shopping

Question 10

Someone who does hair is providing a ___________?

Accepted Answer

service

Question 11

What is the purpose of the 9 principles of economics?

Accepted Answer

Teach how economics can be used to study people's choices with money, Teach people how to make choices about money

Question 12

People eating at a restaurant are considered to be ________?

Accepted Answer

consumers

Question 13

Which one of the following scenarios would be a representation of macroeconomics?

Accepted Answer

The Economy of the United States

Question 14

Economics can be defined as ___________.

Accepted Answer

The decisions people make about money and how that impacts society

Question 15

Which word means an item produced or made that someone could buy?

Accepted Answer

goods

Question 16

When you use your expertise to help grow a business this is considered to be ______________?

Accepted Answer

human capital

Question 17

Which of the following is an example of a tradeoff?

Accepted Answer

All of these

Question 18

People who make goods or provide services are ____________.

Accepted Answer

producers

Question 19

Which of the following items would be considered Capital?

Accepted Answer

Resources & Money

Question 20

When you buy a car you are considered to be a(n) ______________.

Accepted Answer

consumer

Question 21

I have to make a choice of how to spend my money. The thing I do not pick is called the _____.

Accepted Answer

opportunity cost

Question 22

Which factor of production is considered “gifts of nature” by economists?

Accepted Answer

Land

Question 23

Globalization can be considered

Accepted Answer

sharing of resources and ideas across the world

Question 24

Term that describes limited resources?

Accepted Answer

Scarcity

Chap 1 Econ Practice

Questions 24

Chap 1 Econ Practice

Questions 24