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Basic Economics Quiz
Basic Economics Quiz
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This is a practice for an assessment of the basic concepts of economics.
Flashcards
41 cards
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Questions
41
Answers
1
A lack of the resources needed to go into producing goods and services is called
deficiency
abundance
insufficiency
scarcity
2
A general decrease in the price of goods and services is called
inflation
recession
upsurge
deflation
3
Which is/are examples of resources
money, fuel and labor
roller skates and cars
a computer
insurance, sports and entertainment
4
Employees have an ethical obligation to act in the best interest of the
employees
company
customers
government
5
The total amount of money a government owes is its
national debt
federal debt
national deficit
federal deficit
6
Competition forces businesses to
file for bankruptcy
drive their competitors out of business
lower their prices
decide how to best use and conserve their resources
7
Raw materials fro nature are called _resources
natural
physical
environmental
renewable
8
Which of the following explains why businesses must satisfy needs first, then wants?
competition is intense
limited resources
business tariffs
globalization
9
The rise and fall of economic activity over time is called at
a recession
the business cycle
inflation
deflation
10
The reward for satisfying the needs and wants of consumers and businesses is
wealth
revenue
dividends
profit
11
The economic resources needed to make a society's goods and services are called factors of
economy
society
production
scarcity
12
All of the following are factors of production except
educational resources
capital resources
labor resources
natural resources
13
Wants that are widely shared by many people are called
needs
private wants
goods and services
public wants
14
When buying something, you should use all of the decision-making process steps
all the time
most of the time
for important decisions
none of the others
15
During a recovery,
production starts to increase
money is scarce
unemployment is nonexistant
GDP is stagnent
16
A conflict of interest is a conflict between self-interest and a(n)
another person's interest
professional obligation
personal obligation
unfair practices
17
Scarcity occurs when
distribution breaks down
conservation is at an all time high
demand exceeds supply
consumer needs exceed wants
18
_ usually make the important decisions that affect their company future.
employees
customers
middle managers
higher-level managers
19
Most businesses are committed to:
all of the others
providing safe products
being truthful about their financial situation
treating employees fairly
20
The reward for satisfying the needs and wants of consumers and businesses is
dividends
revenue
profit
wealth
21
In a market economy, the higher the price,
the higher the demand for the product
the more profit the business will make
the better the quality of the product offered.
the less consumers will buy
22
Resources limit the number of needs and wants people can
satisfy
desire
enjoy
make
23
During a depression, there is
high unemployement and high production of goods and services
high unemployment and low production of goods and services
low unemployment and low production of goods and services
low unemployment and high production of goods and services
24
In a market economy market resources are
privately owned
plentiful
shared
scarce
25
In a market economy, producers set a price that
will cover their costs and result in a profit
consumers can afford
the government will allow
consumers are willing to pay
26
To determine the pros and cons of a decision, you should consider
your goals
all of these
your values
your choices
27
To avoid failure, a business can modify its
business practices
all of the others
products
services
28
Items that people can use to make or obtain what they need or want are called
services
materials
limits
resources
29
A shortage of resources is called
limitation
scarcity
threat
reduction
30
Tasks that businesses perform for consumers are known as
fees
services
resources
goods
31
The contest among businesses to win customers is called
service
competition
profit
advertising
32
The main sources of income for a government is
exports
revenue
taxes
imports
33
Buildings, delivery trucks, and equipment are all examples of
capital resources
short-term investments
all of the others
permanent assets
34
Once your decision is put into effect, you should
doubt it
reconsider it
evaluate it
relax
35
For businesses to stay successful, they must offer
quality products
outstanding service
competitive price
all of the others
36
Which of the following satisfies a public want?
a library
a new table
rent
a home computer for your business
37
Before spending on your wants, on which of the following should you spend your money?
entertainment
needs
goods
services
38
All of the following involve offering services except
tourism
sports and entertainment
banking
DVDs
39
What is the point at which the quantity demanded and quantity supplied meet called?
demand point
supply point
equilibrium point
none of the others
40
In a command economy, resources and businesses are owned and controlled by
groups of people in a co-op
the government
private owners
other countries
41
If you had $10 to spend, which of the following items is the best choice?
new shoes
a new bike
food
a haircut
