ECONOMICS
PRETEST
Define the following to the best of your ability. You will have 5 minutes.
1. What are goods?
a. Products
b. tangible personal property
c. items that are bought
d. items that are traded
e. all of the above
f. both c and d
1.
2. What are services?
a. items that can be traded
b. performance of any duty or work for another
c. cannot be touched or felt
d. none of the above
e. Both b and c
2.
3. What is scarcity?
a. insufficient supply or amount of something needed
b. shortage of good/services that are needed
c. basic economic problem
d. all of the above.
e. both a and c
3.
4. What is a mixed economy?
4.
a. decisions regarding what goods/services are to be produced are left to the
government
b. decisions regarding what goods/services are to be produced are left to the
individual with some government input
c. decisions regarding what goods/services are to be produced are based upon
tradition
d. all of the above
e. none of the above
5. The definition of economics is:
5.
a. social science that examines how societies use scarce resources
b. a study of choices about using resources
c. both a and b
d. none of the above
6. Which of the following is a scarce resource in our economy?
a. time
b. money
c. energy
d. all of the above
6.