Economics Chapter 1-4 TEST Questions
With Correct Answers
the study of the decisions involved in producing, distributing, and
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consuming goods and services - CORRECT ANSWER✔✔-Economics
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A situation in which resources are limited and can be used in different
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ways, so we must sacrifice one thing for another - CORRECT
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ANSWER✔✔-Scarcity
The resources used to produce goods and services, there are four -
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CORRECT ANSWER✔✔-Factors of Production
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Things created by acts of nature and used to produce goods and
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services - CORRECT ANSWER✔✔-Natural Resources
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Human effort used to produce goods and services, including both
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physical and mental effort - CORRECT ANSWER✔✔-Labor
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Objects made by human beings and used to produce goods and services
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- CORRECT ANSWER✔✔-Physical capital
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, The knowledge and skills acquired by a worker through education and
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experience and used to produce goods and services - CORRECT
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ANSWER✔✔-Human capital |
Effort used to coordinate the production and sale of goods and services
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- CORRECT ANSWER✔✔-Entrepreneurship
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A curve that shows the possible combinations of goods and services
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available to an economy, given that all productive resources are fully
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employed and efficiently utilized - CORRECT ANSWER✔✔-Production
| | | | | | |
possibilities curve |
Arrangement that allows buyers and sellers to exchange money things: a
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|buyer exchanges money for product, while a seller exchanges a product
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for money - CORRECT ANSWER✔✔-Market
| | | |
The study of the choices made by consumers, firms, and government,
| | | | | | | | | | |
and how these decisions affect the market for a particular good or
| | | | | | | | | | | |
service - CORRECT ANSWER✔✔-Microeconomics
| | |
The study of the nation's economy as a whole - CORRECT ANSWER✔✔-
| | | | | | | | | | |
Macroeconomics
With Correct Answers
the study of the decisions involved in producing, distributing, and
| | | | | | | | | |
consuming goods and services - CORRECT ANSWER✔✔-Economics
| | | | | |
A situation in which resources are limited and can be used in different
| | | | | | | | | | | | |
ways, so we must sacrifice one thing for another - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Scarcity
The resources used to produce goods and services, there are four -
| | | | | | | | | | | |
CORRECT ANSWER✔✔-Factors of Production
| | |
Things created by acts of nature and used to produce goods and
| | | | | | | | | | | |
services - CORRECT ANSWER✔✔-Natural Resources
| | | |
Human effort used to produce goods and services, including both
| | | | | | | | | |
physical and mental effort - CORRECT ANSWER✔✔-Labor
| | | | | |
Objects made by human beings and used to produce goods and services
| | | | | | | | | | |
- CORRECT ANSWER✔✔-Physical capital
| | | |
, The knowledge and skills acquired by a worker through education and
| | | | | | | | | | |
experience and used to produce goods and services - CORRECT
| | | | | | | | | |
ANSWER✔✔-Human capital |
Effort used to coordinate the production and sale of goods and services
| | | | | | | | | | |
- CORRECT ANSWER✔✔-Entrepreneurship
| | |
A curve that shows the possible combinations of goods and services
| | | | | | | | | | |
available to an economy, given that all productive resources are fully
| | | | | | | | | | |
employed and efficiently utilized - CORRECT ANSWER✔✔-Production
| | | | | | |
possibilities curve |
Arrangement that allows buyers and sellers to exchange money things: a
| | | | | | | | | |
|buyer exchanges money for product, while a seller exchanges a product
| | | | | | | | | | |
for money - CORRECT ANSWER✔✔-Market
| | | |
The study of the choices made by consumers, firms, and government,
| | | | | | | | | | |
and how these decisions affect the market for a particular good or
| | | | | | | | | | | |
service - CORRECT ANSWER✔✔-Microeconomics
| | |
The study of the nation's economy as a whole - CORRECT ANSWER✔✔-
| | | | | | | | | | |
Macroeconomics
