1
A need is:
A. Something fun to have
B. Something you can live without
C. Something you must have to survive
D. Something expensive
C. Something you must have to survive
Which is a good?
A. Getting your house cleaned
B. Buying a new jacket
C. Having your car fixed
D. Getting your hair done
B. Buying a new jacket
Which of these is an example of land in economics?
A. A delivery driver
B. A laptop
C. A forest
D. An employee
C. A forest
The federal minimum wage in the U.S. is currently:
A. $5.15
B. $7.25
C. $10.50
D. $15.00
B. $7.25
In a market economy, decisions are made by:
A. The government
B. Communities
C. Businesses and consumers
D. Religious leaders
C. Businesses and consumers
A want is:
A. A survival item
B. A luxury item you’d like to have
C. A basic necessity
D. Something free
B. A luxury item you’d like to have
The four factors of production are:
A. Land, labor, goods, services
B. Land, labor, capital, entrepreneurship
C. Land, money, government, business
D. Land, capital, banking, supply
B. Land, labor, capital, entrepreneurship
Scarcity means:
A. There are unlimited resources
B. There are more than enough products
C. Resources are limited, and choices must be made
D. Everything is free
C. Resources are limited, and choices must be made
A living wage is:
A. The legal minimum
B. What people need to survive without help
C. The highest wage possible
D. A budget
B. What people need to survive without help
A command economy is one where:
A. There is no government
B. The people run everything
C. The government controls production and pricing
D. Only businesses decide
C. The government controls production and pricing
A good is:
A. A physical item you can buy
B. A helpful action
C. Something you can’t touch
D. A bank account
A. A physical item you can buy
Labor is best described as:
A. Tools and machines
B. Natural resources
C. Work done by people
D. Advertising
C. Work done by people
Scarcity exists because:
A. There are not enough jobs
B. There are limited resources and unlimited wants
C. People make bad choices
D. The government controls prices
B. There are limited resources and unlimited wants
The cost of living includes:
A. Food, shelter, bills
B. Entertainment only
C. Vacations and gifts
D. Things you want
A. Food, shelter, bills
The United States has a:
A. Traditional economy
B. Market economy
C. Command economy
D. Mixed economy
B. Market economy
A service is:
A. A product sold in a store
B. A physical item
C. An action someone does for you
D. A tool
C. An action someone does for you
Capital refers to:
A. Only money
B. Workers
C. Tools, equipment, and factories
D. Government buildings
C. Tools, equipment, and factories
If demand increases and supply stays the same, what happens to price?
A. It goes down
B. It stays the same
C. It goes up
D. It disappears
C. It goes up
A budget is:
A. A list of things to buy
B. A plan for saving and spending money
C. A list of stores
D. A paycheck
B. A plan for saving and spending money
A mixed economy combines:
A. All types of goods
B. Market and command systems
C. Minimum and maximum wages
D. Goods and services
B. Market and command systems
Which of the following is a service?
A. A sandwich
B. A haircut
C. A video game
D. A backpack
B. A haircut
An entrepreneur is:
A. A worker
B. A landowner
C. A person who starts a business
D. A factory machine
C. A person who starts a business
The minimum wage is:
A. The average income in the country
B. The lowest legal hourly wage
C. A payment made only to teachers
D. A type of tax
B. The lowest legal hourly wage
In a traditional economy, decisions are based on:
A. Supply and demand
B. Customs and traditions
C. Government rules
D. Business competition
B. Customs and traditions
Which region of the U.S. likely has the highest cost of living?
A. Midwest farmland
B. Rural South
C. Suburbs in Ohio
D. New York City
D. New York City