Economics Principles and Practices © 2012 Georgia

Chapter 1: What Is Economics?

Self-Check Quizzes

1
The condition that results from society not having enough resources to produce all the things people would like to have is known as ___________.
A)capitalism
B)scarcity
C)free enterprise
D)TINSTAAFL
2
The resources needed to produce things we would like to have are known in economics as ________.
A)TINSTAAFL
B)factors of production
C)financial capital
D)gifts of nature
3
An example of a capital resource is a(n) _________.
A)maple tree
B)bulldozer
C)carpenter
D)acre of fertile land
4
The four key elements to the study of economics are description, analysis, explanation and ________.
A)prediction
B)discovery
C)inflation
D)communication
5
Work performed for someone else is known as ______.
A)consumers
B)utility
C)service
D)specialization
6
The fact that some necessities have little monetary worth while some non-necessities have a much higher price tag is called _____.
A)factor market
B)paradox of value
C)product market
D)productivity
7
In the circular flow model, businesses sell their goods and services in the _____.
A)factor market
B)stock market
C)product market
D)labor market
8
The curve (frontier) in a production possibilities diagram represents various combinations of goods and/or services that an economy can produce when __________________.
A)food and weapons are the only goods produced
B)half of the available resources are employed
C)a country has various resources available
D)all available productive resources are in full use
9
A country's production frontier is most likely to move outward after its ___________________.
A)workers go on strike
B)population size grows
C)production of a particular good decreases
D)production of a particular good increases
10
The term standard of living refers to _______________.
A)decisions that make a country's economy function
B)quality of life in a country
C)productivity and economic growth in a country
D)role of government in a country's economy
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