Multiple Choice
Identify the
choice that best completes the statement or answers the question.
|
|
|
1.
|
What can result when the available resources are not sufficient to meet the
wants of the people?
A. | depression | B. | prosperity | C. | scarcity | D. | surplus |
|
|
|
2.
|
An example of a trade-off is
A. | choosing a chicken sandwich instead of a hamburger. | B. | selecting a car
instead of a truck. | C. | going to the first half of a friend’s
party and the second half of the ballgame. | D. | eating waffles and not
pancakes. |
|
|
|
3.
|
Machinery and factories are examples of
A. | human resources | B. | capital resources | C. | natural
resources | D. | services |
|
|
|
4.
|
What are considered North Carolina’s “Big Three” manufacturing
markets?
A. | textiles, furniture, tobacco | B. | fishing, forestry,
agriculture | C. | furniture, fishing, agriculture | D. | tobacco, textiles,
fishing |
|
|
|
5.
|
How have farmers adapted to survive in the changing economic environment?
A. | begun planting the same crops year after year | B. | begun making
furniture as well as growing crops | C. | chosen one crop to plant
extensively | D. | begun changing their mix of crops |
|
|
|
6.
|
In a budget, the amounts for expenses should
A. | never be calculated. | B. | never be more than the amount of
income. | C. | never be less than the amount of income. | D. | be equal to the
amount of income. |
|
|
|
7.
|
What is a risk when using credit cards?
A. | You forget to take the credit card to the store. | B. | You are penalized
for paying too much to the lender company. | C. | You are not happy with your
purchases. | D. | You do not pay off the monthly fees and accumulate interest
charges. |
|
|
|
8.
|
Why is a mutual fund usually a safer investment than a single stock?
A. | Money is collected from many investors to buy many different
stocks. | B. | Money is collected from many investors to buy a specialty stock. | C. | Money is collected
from a single investor to buy many different stocks. | D. | Money is collected from a single investor to
buy a specialty stock. |
A. | Money is collected from many investors to buy many different
stocks. | B. | Money is collected from many investors to buy a specialty stock. | C. | Money is collected
from a single investor to buy many different stocks. | D. | Money is collected from a single investor to
buy a specialty stock. |
|
|
|
9.
|
Which is an example of goods?
A. | an oil change | B. | a new wardrobe | C. | a church
sermon | D. | a waiter at a restaurant |
|
|
|
10.
|
Which is an example of a service?
A. | canned foods | B. | a concert | C. | designer
jeans | D. | a smart phone |
|
|
|
11.
|
Scarcity occurs when people try to satisfy unlimited wants with
A. | a second job. | B. | excessive resources. | C. | limited
resources. | D. | more money than is needed. |
|
|
|
12.
|
Why is it important to have a good credit score?
A. | Financial institutions check credit scores before deciding to issue a
loan. | B. | Financial institutions are not concerned with credit scores. | C. | Individual taxes are
lowered with a good credit score. | D. | Individuals with good credit scores don’t
have to file taxes. |
|
|
|
13.
|
How did globalization affect North Carolina’s economy?
A. | Jobs increased in textiles because textiles are needed worldwide. | B. | Foreign workers came
to America to learn new jobs. | C. | More jobs were created for North Carolina
workers. | D. | Jobs in textiles and furniture-making were lost to overseas cheaper
competitors. |
|
|
|
14.
|
Which of the following advertisements is offering a
“good”?
A. | Gentle Dental: “Pain-free teeth cleaning” | B. | Custom Electronics:
“Huge discounts on laptop computers” | C. | Harris Carpet Cleaning: “Professional
technicians will clean your carpet” | D. | Binford Beauty Salon: “Our stylists offer
the latest haircuts and styling” |
|
Completion
Complete each
statement.
|
|
|
1.
|
An economic system where decisions are made at an individual, rather than a
government, level is a ____________________ economy.
|
|
|
2.
|
A continual increase in the price of goods and services is known as
____________________.
|
|
|
3.
|
____________ farming minimizes erosion and produces a better yield.
|
|
|
4.
|
In a market economy ________________ and _______________ influence the price of
a good or service.
|
|
|
5.
|
Money spent on something with the goal of making a profit is an
___________________.
|
|
|
6.
|
_____________ resources, such as processing facilities and machines, transform
natural resources to products.
|
|
|
7.
|
Development of an increasingly worldwide economy is known as
____________________.
|
|
|
8.
|
Money paid for the use of money is known as ________________.
|
|
|
9.
|
A measure of the total value of the final goods and services produced in a
country in a year is the _______________________________.
|