Economics Final

45 Questions | Total Attempts: 15

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Economics Quizzes & Trivia

This is a test I am creating with questions from my assignments given throught the semester.


Questions and Answers
  • 1. 
    True or False: Goods can be physically weighed or measured, but services cannot.
    • A. 

      True

    • B. 

      False

  • 2. 
    Private wants are wants shared by many people and are satisfied by governments.
    • A. 

      True

    • B. 

      False

  • 3. 
    For the most part, local, state, and federal governments satisfy peoples wants.
    • A. 

      True

    • B. 

      False

  • 4. 
    Necessary wants are needs.
    • A. 

      True

    • B. 

      False

  • 5. 
    When your wants and needs conflict with your resources, you must make a choice.
    • A. 

      True

    • B. 

      False

  • 6. 
    Both individuals and societies have to deal with a shortage of resources.
    • A. 

      True

    • B. 

      False

  • 7. 
    To produce goods and services, a society needs natural resources, human resources, capital resources, and entrepreneurial resources.
    • A. 

      True

    • B. 

      False

  • 8. 
    We do not need labor to turn natural resources into goods and services.
    • A. 

      True

    • B. 

      False

  • 9. 
    Natural resources become factors of production when we use them to produce goods.
    • A. 

      True

    • B. 

      False

  • 10. 
    The economy of many countries is based on natural resources.
    • A. 

      True

    • B. 

      False

  • 11. 
    Inflation reduces the purchasing power of money.
    • A. 

      True

    • B. 

      False

  • 12. 
    Unemployment statistics are an important indicator of economic activity.
    • A. 

      True

    • B. 

      False

  • 13. 
    Every business cycle includes depression.
    • A. 

      True

    • B. 

      False

  • 14. 
    The Great Depression was an economic trough that spanned about ten years.
    • A. 

      True

    • B. 

      False

  • 15. 
    The United States has a very low GDP compared to other countries.
    • A. 

      True

    • B. 

      False

  • 16. 
    Ethics can refer to personal, social, or professional behavior.
    • A. 

      True

    • B. 

      False

  • 17. 
    Stealing a few CDs from your job has no effect on society in general.
    • A. 

      True

    • B. 

      False

  • 18. 
    Changes in technology create new products, industries, and jobs.
    • A. 

      True

    • B. 

      False

  • 19. 
    The United States is so rich in resources, it doesnt need to trade with other countries.
    • A. 

      True

    • B. 

      False

  • 20. 
    Quotas and tariffs are types of trade barriers.
    • A. 

      True

    • B. 

      False

  • 21. 
    Imports are goods and services that one country sells to another country.
    • A. 

      True

    • B. 

      False

  • 22. 
    If no one wants to buy products from a country, the value of its currency decreases.
    • A. 

      True

    • B. 

      False

  • 23. 
    A country can have an unfavorable balance of trade with one country and a favorable balance of trade with another.
    • A. 

      True

    • B. 

      False

  • 24. 
    The government created laws to regulate business.
    • A. 

      True

    • B. 

      False

  • 25. 
    Competition means fewer choices for consumers.
    • A. 

      True

    • B. 

      False

  • 26. 
    A monopoly can charge anything it wants for a product.
    • A. 

      True

    • B. 

      False

  • 27. 
    All contracts must be in writing to be binding.
    • A. 

      True

    • B. 

      False

  • 28. 
    Copyrights protect trade names of big businesses.
    • A. 

      True

    • B. 

      False

  • 29. 
    Banks play an important role in managing money and controlling and stimulating the economy.
    • A. 

      True

    • B. 

      False

  • 30. 
    A store of value means that money will lose its value over time.
    • A. 

      True

    • B. 

      False

  • 31. 
    One of the primary services banks provide is storing money for customers in bank accounts.
    • A. 

      True

    • B. 

      False

  • 32. 
    If you want to buy a new vehicle, you should try to get a loan from a mortgage company.
    • A. 

      True

    • B. 

      False

  • 33. 
    The money you deposit in a bank makes it possible for the bank to lend money to other customers.
    • A. 

      True

    • B. 

      False

  • 34. 
    What is the term for tasks that people or machines perform for payment?
    • A. 

      Profit

    • B. 

      Public Services

    • C. 

      Goods

    • D. 

      Services

  • 35. 
    What must businesses provide to customers to consumers in order to satisfy their wants and needs?
    • A. 

      Goods and services

    • B. 

      Technology

    • C. 

      Intangable desires

    • D. 

      Cost-effectivness

  • 36. 
    What are most public wants satisfied by?
    • A. 

      Businesses

    • B. 

      Non-profit organizations

    • C. 

      Local, state, and federal governments

    • D. 

      Technology

  • 37. 
    Which is a want that governments cannot satisfy?
    • A. 

      Shelter

    • B. 

      New roads

    • C. 

      Education

    • D. 

      Bicycles and skates

  • 38. 
    What is an activity that seeks profit by providing goods and services to others?
    • A. 

      Goods and services

    • B. 

      Business

    • C. 

      Decision-making process

    • D. 

      Public service

  • 39. 
    What is a shortage of resources called?
    • A. 

      Profit

    • B. 

      Natural resources

    • C. 

      Scarcity

    • D. 

      Factors of production

  • 40. 
    What are the means to produce goods and services called?
    • A. 

      Standard of living

    • B. 

      Economics

    • C. 

      Intangible resources

    • D. 

      Factors of production

  • 41. 
    What are the raw materials found in nature called?
    • A. 

      Natural resources

    • B. 

      Unlimited resources

    • C. 

      Human resources

    • D. 

      Capital resources

  • 42. 
    What are limited resources called?
    • A. 

      Renewable

    • B. 

      Market demand

    • C. 

      Supply

    • D. 

      Nonrenewable

  • 43. 
    What type of resources are teachers, coal miners, bank managers, and farm workers?
    • A. 

      Capital resources

    • B. 

      Human resources

    • C. 

      Natural resources

    • D. 

      Entrepreneurial resources

  • 44. 
    What is the term for figures used to measure an economic performance?
    • A. 

      Economic indicators

    • B. 

      Natural numbers

    • C. 

      Gross domestic product

    • D. 

      Business cycle

  • 45. 
    What does Gross Domestic Product measure?
    • A. 

      Unemployment rate

    • B. 

      Budget surplus

    • C. 

      Budget surplus

    • D. 

      Value of goods and services produced by a country.