Economics Quiz -2 Review

Question 1

Which is NOT a factor that can give countries an economic advantage?

Accepted Answer

scarcity

Question 2

Which factor of production is related to natural resources?

Accepted Answer

land

Question 3

What remains after the costs of running a business are paid?

Accepted Answer

profit

Question 4

Which factor refers to the human resources needed to produce a good or service?

Accepted Answer

labor

Question 5

Why is competition good for consumers?

Accepted Answer

it drives prices of goods down

Question 6

If everyone in the world was given money to spend, that would end scarcity. T or F

Accepted Answer

False

Question 7

When countries depend on one another to supply goods and services, this is called....

Accepted Answer

interdependence

Question 8

Which factor of production refers to the machines, buildings, tools needed to produce a good?

Accepted Answer

capital goods

Question 9

Land, capital goods, labor, and entrepreneurs are the 4 factors of production. T or F

Accepted Answer

True

Question 10

Which of the following does NOT influence supply and demand?

Accepted Answer

how parents feel about it

Question 11

When nations focus on producing only certain kinds of goods or services using best resources...

Accepted Answer

specialization

Question 12

Limited resources can be used more effectively when producers specialize.

Accepted Answer

True

Question 13

All goods and services involve some type of human labor.

Accepted Answer

true

Question 14

What is the starting point for producing all goods?

Accepted Answer

natural resources

Question 15

What is it called when goods from foreign countries are brought into a country for use or sale?

Accepted Answer

import

Question 16

capital goods used in the production of goods are never changing. True or false

Accepted Answer

false

Question 17

Which factor of production refers to someone who starts their own business?

Accepted Answer

entrepreneur

Question 18

Which of the following is not a natural resource?

Accepted Answer

buildings

Questions 18