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Econ Chapter 1, Section 1 Quiz Flashcards | StudBud
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Econ Chapter 1, Section 1 Quiz
Econ Chapter 1, Section 1 Quiz
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Chapter 1 Review of #Pearson #Economics Chapter 1
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Identify the factor of production shown in this photo.
physical capital
land
entrepreneur
labor
2
Which are the three basic questions of economics?
how will these goods and services be produced
where will these good be produced
what goods and services will be produced
who should share the goods and services that are produced
3
Which of the following is true about scarcity?
Scarcity is eliminated by using economic policy
Scarcity affects all societies
Scarcity exists only in poor countries
Scarce goods lead to lower prices
4
What is the opportunity cost of NOT going to college?
significant student loan debt
making less money over your lifetime
unemployment
student loan debt
5
T or F: SCARCITY is when demand for something exceeds the supply of it?
False
True
6
Scarcity means goods can't be found
True
False
7
Why do you think there were long lines of cars in this photo from 1973?
Due to a labor shortage, gas stations could not open
There was a scarcity of gas
There was a gas shortage
8
Which of the following is the best definition of Scarcity:
A fundamental problem in society.
A limited amount of resources compared to prices.
Needs and wants outweigh the amount of resources available.
A social science dealing with people's needs and wants.
9
Identify the factor of production shown in this photo.
labor
land
physical capital
10
The word to BEST describe designer clothing would be:
a want
a need
physical capital
