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No Choice

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Quiz Chapter 1-1

Multiple Choice
Identify the choice that best completes the statement or answers the question.

____ 1. Which of the following is NOT a basic economic question?
|a. |WHAT to produce |c. |WHEN to produce |
|b. |FOR WHOM to produce |d. |HOW to produce |

____ 2. What is the fundamental problem of economics?
|a. |Scarcity |c. |capital |
|b. |the factors of production |d. |labor |

____ 3. Which of the following lists the four factors of production?
|a. |land, labor, wants, entrepreneurs |c. |land, labor, capital, scarcity |
|b. |labor, needs, capital, entrepreneurs |d. |land, labor, capital, entrepreneurs |

____ 4. Which of the following is NOT a capital good?
|a. |a bulldozer at a construction site |
|b. |an oven at a bakery |
|c. |a cash register at a clothing store |
|d. |a television set for sale at an appliance store |

____ 5. The study of economics includes all of the following EXCEPT
|a. |description. |c. |production. |
|b. |prediction. |d. |analysis. |

Matching

Match each statement with the correct item below.
|a. |factor of production that includes natural resources not created by humans |
|b. |a basic requirement for survival |
|c. |dollar value of all final goods, services, and structures produced within a country's borders in a 12-month period |
|d. |condition that results from society not having enough resources to produce all the things people would like to have |
|e. |factor of production that involves risk takers in search of profits |
|f. |factor of production that includes tools, equipment, machinery, and factories used in the production of goods and |
| |services |

____ 6. scarcity

____ 7. need

____ 8. land

____ 9. capital

____ 10. Gross Domestic Product
Quiz Chapter 1-1
Answer Section

MULTIPLE CHOICE

1. ANS: C PTS: 1 DIF: Average
REF: Learn more about this question in Economics Principles and Practices, pages 6-7, and in the Reading Essentials and Study Guide, Chapter 1, Section 1. For additional practice, complete Chapter 1, Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at epp.glencoe.com. NOT: Pages 6-7

2. ANS: A PTS: 1 DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, page 5, and in the Reading Essentials and Study Guide, Chapter 1, Section 1. For additional practice, complete Chapter 1, Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at epp.glencoe.com. NOT: Page 5

3. ANS: D PTS: 1 DIF: Average
REF: Learn more about this question in Economics Principles and Practices, pages 7-8, and in the Reading Essentials and Study Guide, Chapter 1, Section 1. For additional practice, complete Chapter 1, Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at epp.glencoe.com. NOT: Pages 7-8

4. ANS: D PTS: 1 DIF: Average
REF: Learn more about this question in Economics Principles and Practices, pages 7-8, and in the Reading Essentials and Study Guide, Chapter 1, Section 1. For additional practice, complete Chapter 1, Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at epp.glencoe.com. NOT: Pages 7-8

5. ANS: C PTS: 1 DIF: Average
REF: Learn more about this question in Economics Principles and Practices, pages 9-10, and in the Reading Essentials and Study Guide, Chapter 1, Section 1. For additional practice, complete Chapter 1, Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at epp.glencoe.com. NOT: Pages 9-10

MATCHING

6. ANS: D PTS: 1 DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, page 5, and in the Reading Essentials and Study Guide, Chapter 1, Section 1. For additional practice, complete Chapter 1, Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at epp.glencoe.com. NOT: Page 5

7. ANS: B PTS: 1 DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, page 6, and in the Reading Essentials and Study Guide, Chapter 1, Section 1. For additional practice, complete Chapter 1, Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at epp.glencoe.com. NOT: Page 6

8. ANS: A PTS: 1 DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 7, and in the Reading Essentials and Study Guide, Chapter 1, Section 1. For additional practice, complete Chapter 1, Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at epp.glencoe.com. NOT: Page 7

9. ANS: F PTS: 1 DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 7, and in the Reading Essentials and Study Guide, Chapter 1, Section 1. For additional practice, complete Chapter 1, Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at epp.glencoe.com. NOT: Page 7

10. ANS: C PTS: 1 DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 9, and in the Reading Essentials and Study Guide, Chapter 1, Section 1. For additional practice, complete Chapter 1, Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at epp.glencoe.com. NOT: Page 9

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