Multiple Choice
Identify the choice that best completes the
statement or answers the question.
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1.
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Which of the following statements about natural resources is true?
a. | Natural resources satisfy wants by themselves. | b. | Natural resources
require people to turn them into goods. | c. | Natural resources come from the earth and water
but not the sky. | d. | Natural resources include people who operate plows and
trucks. |
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2.
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Which is NOT one of the 3 basic economic questions?
a. | What is produced? | c. | How much is produced? | b. | Why is it
produced? | d. | For whom it is
produced? |
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3.
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The Economic Decision Making Process is used for
a. | daily decisions | c. | difficult decisions | b. | simple decisions | d. | none of the
above |
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4.
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Which of the following is NOT a need?
a. | food | c. | car | b. | housing | d. | clothing |
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5.
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The United States has what type of economic system?
a. | Custom Based | c. | Market | b. | Directed or Planned | d. | Competitive |
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6.
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Which is NOT one of the 3 types of economic systems?
a. | Custom Based | c. | Market | b. | Directed or Planned | d. | Competitive |
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7.
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Which of the following are goods?
a. | jackets | c. | gasoline | b. | CD players | d. | all of the
above |
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8.
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The economic principle of Private Property means
a. | the right to own your own land, houses, and goods. | b. | the right to own
your own business. | c. | businesses make money. | d. | the right to buy
where and what you please. |
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9.
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Which of the following are considered to be natural resources?
a. | TV announcers | c. | oil | b. | bankers | d. | farmers |
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10.
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The person who checks out purchases at the supermarket is part of
a. | natural resources | c. | human resources | b. | capital resources | d. | none of the
above |
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11.
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The economic principle of Private Enterprise means
a. | the right to own land, houses, and goods. | b. | the right to own
your own business. | c. | businesses make money. | d. | the right to buy
where and what you please. |
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12.
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How many steps does the Economic Decision Making Process have?
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13.
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What step is defining the problem in the decision-making process?
a. | second | c. | last | b. | first | d. | third |
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