Economics Test Review
This is a review of our content for the economics standards
- 1.
A news paper and a chair are produced from which resource?
- A.
Trees
- B.
Sand
- C.
Water
Correct Answer
A. Trees -
- 2.
Near a grove of fruit trees is a factory that makes fruit juice. Which factor of production does the grove of fruit trees represent?
- A.
Land
- B.
Labor
- C.
Capital
Correct Answer
A. Land -
- 3.
Which of the following is an example of production?
- A.
A fourth-grader buying notebook paper
- B.
A fourth-grader making cookies for his class
- C.
A fourth-grader sharing his lunch with a friend
Correct Answer
B. A fourth-grader making cookies for his class -
- 4.
Which of the following is an example of consumption? (being a consumer)
- A.
Jessica going to the park
- B.
Jaime buying new shoes
- C.
Jeremy playing the piano
Correct Answer
B. Jaime buying new shoes -
- 5.
Which of the following is an example of labor?
- A.
Trees in a forest
- B.
An automobile engine
- C.
Teachers in a classroom
Correct Answer
C. Teachers in a classroom -
- 6.
Mr. Lambros wants to start a trumpet makeing business. Which of the following would he need to make the trumpets?
- A.
Clay
- B.
Wood
- C.
Metal
Correct Answer
C. Metal -
- 7.
People working in a bakery baking bread represent which factor of production?
- A.
Land
- B.
Labor
- C.
Capital
Correct Answer
B. Labor -
- 8.
Which of the following is an example of someone consuming something?
- A.
A miner digging coal
- B.
A farmer growing corn
- C.
A child drinking milk
Correct Answer
C. A child drinking milk -
- 9.
The aluminum produced in Ohio is often used in the produciton of which of the following items?
- A.
School pencils
- B.
Pots and pans
- C.
Cough medicine
Correct Answer
B. Pots and pans -
- 10.
A supermarket has noticed that more people put groceries in paper bags than in plastic bags. For this reason, the supermarket has decided to order more paper bags and fewer plastic bags. Which of the following resources will be in greater demand?
- A.
Oil
- B.
Sand
- C.
Wood
Correct Answer
C. Wood -
- 11.
Selling goods and services throug tv, radio, and printed ads
- A.
Goods
- B.
Services
- C.
Advertising
Correct Answer
C. Advertising -
- 12.
A person who buys and uses things
- A.
Economics
- B.
Consumer
- C.
Entrepreneur
Correct Answer
B. Consumer -
- 13.
How goods and services are made, distributed, and used
- A.
Economics
- B.
Free enterprise
- C.
Supply and demand
Correct Answer
A. Economics -
- 14.
A cost money spent
- A.
Service
- B.
Profit
- C.
Expense
Correct Answer
C. Expense -
- 15.
A system where the people, not just the government, run businesses for profit
- A.
Free enterprise
- B.
Supply and demand
- C.
Factors of production
Correct Answer
A. Free enterprise -
- 16.
Land, labor, capital and entrepreneurship; the things that must come together before goods are made and sold
- A.
Free enterprise
- B.
Supply and demand
- C.
Factors of production
Correct Answer
C. Factors of production -
- 17.
A person who organizes, manages, and assumes the risk of a business
- A.
Employee
- B.
Entrepreneur
- C.
Economics
Correct Answer
B. Entrepreneur -
- 18.
Products that are made, bought, and sold
- A.
Goods
- B.
Services
- C.
Salary
Correct Answer
A. Goods -
- 19.
A person who works for wages
- A.
Consumer
- B.
Entrepreneur
- C.
Employee
Correct Answer
C. Employee -
- 20.
Money made after expenses are paid
- A.
Wage
- B.
Salary
- C.
Profit
Correct Answer
C. Profit -
- 21.
Money paid to an employee
- A.
Wage
- B.
Profit
- C.
Expense
Correct Answer
A. Wage -
- 22.
Money paid to an employee
- A.
Profit
- B.
Expense
- C.
Salary
Correct Answer
C. Salary -
- 23.
Acts done for another person
- A.
Good
- B.
Service
- C.
Consumer
Correct Answer
B. Service -
- 24.
An economic term that relates the selling price of goods to how much is available for sale and how much people are willing to pay to get it.
- A.
Factors of production
- B.
Supply and demand
- C.
Economics
Correct Answer
B. Supply and demand -
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Current Version
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Jan 11, 2013Quiz Edited by
ProProfs Editorial Team -
Apr 15, 2010Quiz Created by
Farmert
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