Question | Answer |
Which is the current emphasis in the U.S. economy | information
|
Which is NOT an indicator of a country's economic health? | environmental awareness
| Which is NOT considered an indicator of a higher standard of living? | decreasing availability of goods
| What should happen to unemployment if the economy is picking up? | It decreases.
| Which is NOT a cause of deflation? | increased supply of goods in excess of demand
| What is the main source of income for governments? | taxes
| Which term applies when a government makes more money than it spends in a year? | budget surplus
| Which would NOT characterize a depression? | decreased capacity in manufacturing plants
| Which would NOT help during a period of recovery? | renewed recession
| Which is true of a recession? | businesses produce less
| What is scarcity? | a shortage of resources
| Which is NOT a factor of production? | the marketplace
| Which statement about natural resources is true? | Agricultural products are renewable because new crops can be grown each season.
| Which statement about natural resources is NOT true? | The amount of natural resources available to a society has little effect on its economy.
| Which means the same as human resources? | labor resources
| Which is an example of a capital resource? | a machine used to make molded plastic toys
| Which refers to how people satisfy their needs and wants by making choices? | economics
| What are two basic types of economic systems? | market economy and command economy
| Which is a characteristic of capitalism? | Resources are privately owned.
| Which is true about people working in a market economy who have labor skills that are in demand? | Their incomes tend to be higher than others whose skills are not in demand.
| What drives the economy? | wants and needs
| Which is NOT true of public wants? | They are often considered private.
| Which is a name for items people can use to make or obtain what they need or want? | resources
| Which is true of resources? | Resources are limited.
| What should you do before making a decision? | Determine the pros and cons of alternatives.
| Which question would best help you evaluate a decision after you put it into effect? | Would I make the same choice again?
| What is a commercial activity that seeks profit by providing goods in exchange for money? | a business
| What is competition? | a contest to win customers
| | evaluate demand
| What might a business do if its products don't meet consumer's needs? | modify its products to satisfy consumers |