Question Excerpt From Economics Test Review

Q.1) A news paper and a chair are produced from which resource?
A
.
T
r
e
e
s
B.
s
a
n
d
C.
w
a
t
e
r
Q.2)
Near a grove of fruit trees is a factory that makes fruit juice. Which factor of
production does the grove of fruit trees represent?
A
.
L
a
n
d
B.
L
a
b
o
u
r
C.
C
a
pi
t
al
Q.3) Which of the following is an example of production?
A
.
A fourth-grader buying notebook
paper
B.
A fourth-grader making cookies for his
class
C.
A fourth-grader sharing his lunch with a
friend
Q.4) Which of the following is an example of consumption? (being a consumer)
A
.
Jessica going to
the park
B. Jaime buying new
shoes
C.
Jeremy playing the
piano
Q.5) Which of the following is an example of labor?
A
.
Trees in a
forest
B.
An automobile
engine
C.
Teachers in a
classroom
Q.6)
Mr. Lambros wants to start a trumpet makeing business. Which of the following
would he need to make the trumpets?
A
.
c
l
a
y
B.
w
o
o
d
C.
m
e
t
a
l
Q.7) People working in a bakery baking bread represent which factor of production?
A
.
L
a
n
d
B.
L
a
b
o
r
C.
C
a
pi
t
al
Q.8) Which of the following is an example of someone consuming something?
A
.
A miner
digging coal
B. a farmer
growing corn
C.
a child
drinking milk
Q.9)
The aluminum produced in Ohio is often used in the produciton of which of the
following items?
A
.
school
pencils
B.
pots and
pans
C.
cough
medicine
Q.10)
a supermarket has noticed that more people put groceries in paper bags than in
plastic bags. For this reason, the supermarket has decided to order more paper
bags and fewer plastic bags. Which of the following resources will be in greater
demand?
A
.
B.
s
a
n
d
C.
w
o
o
d
Q.11) selling goods and services through TV, radio, and printed ads
A
.
g
o
o
d
s
B.
se
rvi
ce
s
C.
adver
tising
Q.12) a person who buys and uses things
A
.
econ
omic
s
B.
con
sum
er
C.
entrepr
eneur
Q.13)
how goods and services are made, distributed, and
used
A
.
econ
omic
s
B.
free
enterpris
e
C.
supply and
demand
Q.14) a cost money spent
A
.
s
e
r
vi
c
e
B.
p
r
o
f
i
t
C.
ex
pe
ns
e
Q.15) a system where the people, not just the government, run businesses for proft
A
.
free
enterpris
e
B.
supply and
demand
C.
factors of
production
Q.16)
land, labour, capital and entrepreneurship; the things that must come together
before goods are made and sold
A
.
free
enterpris
e
B.
supply and
demand
C.
factors of
production
Q.17)
a person who organizes, manages, and assumes the risk of a
business
A
.
emp
loye
e
B.
entrepr
eneur
C.
econ
omic
s
Q.18)
products that are made, bought, and
sold
A
.
g
o
o
d
s
B.
se
rvi
ce
s
C.
s
a
l
a
r
y
Q.19) a person who works for wages
A
.
con
sum
er
B.
entrepr
eneur
C.
emp
loye
e
Q.20) money made after expenses are paid
A
.
w
a
g
e
B. s
a
l
a
r
y
C.
p
r
o
f
i
t
Q.21) money paid to an employee
A
.
w
a
g
e
B.
p
r
o
f
i
t
C.
ex
pe
ns
e
Q.22) money paid to an employee
A
.
p
r
o
f
i
t
B.
ex
pe
ns
e
C.
s
a
l
a
r
y
Q.23) acts done for another person
A g
.
o
o
d
B.
s
e
r
vi
c
e
C.
con
sum
er
Q.24)
an economic term that relates the selling price of goods to how much is available for
sale and how much people are willing to pay to get it.
A
.
factors of
production
B.
supply and
demand
C.
econ
omic
s