common assessment.ppt - casimirbundrick

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					G7 Common Assessment
1. Joe is starting a cleaning service. He
   has purchased land for his office
   space, cleaning materials and money
   to pay his initial costs. Which factor
   of production is missing?
A. Land
B. Labor
C. Capitol
D. Entrepreneurship
2. Which factor of production includes
   money and all material needed to
   produce an item?
A. Capital
B. Entrepreneurship
C. Labor
D. Land
3. Why does the number of workers
   needed in the production of goods
   continue to decrease over time?
A. Failed entrepreneurships
B. Increase in capital goods
C. Increase in labor
D. Supply of natural resources
4. Which factor of production would
   include management skills?
A. Labor
B. Land
C. Capital
D. Entrepreneurship
5. What is the basic economic concept
   that indicates there is ALWAYS going
   to be wants not fulfilled?
A. Inflation
B. Rationing
C. Scarcity
D. Trade-Off
6. Harley Davidson makes only 500
    anniversary editions of their
    motorcycles. Since there are so few
    motorcycles to sell, what affect will
    this have on price?
A. Price stays constant
B. Price remains high
C. Price is fairly low
D. Price goes up and down
7. “Scarcity is an economic problem. To
    whom would this statement apply”?
A. For all families in the U.S., even the
B. For poor families only
C. For families but not for the government
D. For no families in the U.S.
8. What is a trade-off?
A. The process of giving up one desire in
   order to satisfy another.
B. The value of whatever we give up in
   order to do or get something else.
C. The wealth we are given by nature
D. The wealth we acquire through
9. Janna tells Eric she will not go to the
    Valentine’s Day dance with him. Janna is
    not just saying “yes” to Eric, but she is
    also saying “no” to anyone else, because
    of her choice to go with Eric. What
    economic concept best describes this
A. Opportunity Cost
B. Scarcity
C. Trade-Off
D. Inflation
10. What is the best way to describe
   people working on a car assembly
   line, doing only one or two specific
A. Labor intensive
B. Division of Labor
C. Trade-Off
D. Scarcity
11. What is the goal of Jerry’s Pizzeria in
   assigning teams of workers to
   perform several specific tasks?
A. To increase productivity through
B. To make higher salaries for workers
C. To make profits increase by at least 20%
D. To improve working conditions
12. Which of the items below is human
A. Purchasing more property to expand a
B. Productivity through increased training or
   education for workers
C. Raising the salaries of supervisors &
D. Purchasing stock in several corporations
13. Which economic system includes
   bartering (trading)?
A. Command
B. Market
C. Mixed
D. Traditional
14. Which economic system discourages
A. Command
B. Market
C. Mixed
D. Traditional
15. What is one concern that Socialists have
    about Capitalism?
A. It is much slower to take advantage of new
B. It concentrates benefits on the most needy in
C. It creates economic inequality within a society
D. It deprives people of the freedom to decide for
    themselves how to use their income
16. What is it called when private
   individuals and companies decide
   what products to manufacture and
   what prices to charge for goods and
A. Market Economy
B. Socialist Economy
C. Welfare State
D. Command Economy
17. What did Karl Marx envision
   communism in its purest form?
A. A triumph for the free enterprise system
B. Becoming a religion for the bourgeoisie
C. Establishing a dictatorship for the
D. Becoming a free & classless society
18. Which of these occurs in a mixed
A. Private enterprise competes with the
    government for economic dominance
B. The government and private enterprise coexist
    as major participants
C. All business enterprises are publicly owned,
    but privately managed
D. The government directs all economic activity.
19. What is an advantage of Socialism?
A. It rewards the efforts of enterprising
B. It decreases social and economic
   inequalities among people
C. It is able to utilize new technologies
   quickly and effectively
D. It frees businesses and industry to act in
   their own best interests
20. What was the main reason why Karl Marx
    wrote “The Communist Manifesto”?
A. To direct an attack against democracy
B. To call for an improvement to market
    economies and greater profit for businesses
C. To lead an anti-tax revolt against the Russian
D. To call on all oppressed workers to free
    themselves from “capitalistic enslavement”

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