Economics Scarcity/Specialization

Question 1

T/F: Human resources are the number of workers, their ages and their skills

Accepted Answer

True

Question 2

T/F: The goods/services that each society can produce at any given time is limited.

Accepted Answer

True

Question 3

T/F: In a market economy producers are free to decide what goods/services to make & the prices

Accepted Answer

True

Question 4

T/F: In a command economy only the leader/leaders of a government make economic decisions.

Accepted Answer

True

Question 5

If a product is made efficiently it is . . .

Accepted Answer

made fairly easily and at a low cost, made of natural resources that are in abundance in the area, uses human resources that can do the job well

Question 6

Which is an example of a natural resource?

Accepted Answer

fish, crude oil (petroleum), lumber, timber (trees), natural gas

Question 7

Services are . . .

Accepted Answer

Actions that people perform for others, plumbers, hairdressers

Question 8

Which is NOT a capital resource

Accepted Answer

trees

Question 9

Consumers are

Accepted Answer

those who buy the goods and services

Question 10

In a market economy how much and what consumers can buy is based on:

Accepted Answer

income, needs, and preferences

Question 11

Exports are

Accepted Answer

things you sell to other countries

Question 12

T/F: In a market economy the consumer is the one who decides which business will succeed

Accepted Answer

through their buying decisions

Question 13

Produces and consumers answer the problem of scarcity in . . .

Accepted Answer

market economies

Question 14

The problem of scarcity also deals with the fact that there are

Accepted Answer

limited resources

Question 15

What are the 3 resources?

Accepted Answer

natural, human and capital

Question 16

Other names for a market economy are:

Accepted Answer

capitalism and free enterprise system

Question 17

Subsistence agriculture would likely be found in

Accepted Answer

Traditional economy

Question 18

T/F: If you lived in a traditional economy, you would have the same job as your parent/s.

Accepted Answer

True

Question 19

The problem of scarcity is based on:

Accepted Answer

Human beings having unlimited wants.

Question 20

Despite times of war the U.S is a :

Accepted Answer

free market economy

Question 21

Which is NOT a fundmental question of economic systems?

Accepted Answer

Where to go on vacation

Question 22

During WW II did the United States become a command economy? (For a short time)

Accepted Answer

Yes

Question 23

T/F: Specialization forces countries to trade w/ others for goods it can't make efficiently

Accepted Answer

True

Question 24

Producers are

Accepted Answer

those who make goods or provide services

Question 25

Imports are

Accepted Answer

getting goods from others

Question 26

T/F: Specialization allows countries to make things easily and efficiently

Accepted Answer

True

Question 27

Subsistence agriculture is . . .

Accepted Answer

farming that only meets the immediate needs of the community

Question 28

Something is scarce if . . .

Accepted Answer

There is not enough of if.

Question 29

Goods are . . . (choose 3)

Accepted Answer

houses, toothpaste, Things that people make

Question 30

Trading involves

Accepted Answer

imports and exports

Question 31

T/F: These are 3 types of economic systems:

Accepted Answer

Traditional, Command, Market

Question 32

Specializing/Specialization is countries . . .

Accepted Answer

using resources to make things that can be done efficiently

Economics Scarcity/Specialization

Questions 32

Economics Scarcity/Specialization

Questions 32