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Georgia Milestones: Scarce Economic Resource Markets Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. How can a renewable resource be destroyed?

Question 2 2. People believe that when they purchase a property, they own a piece of land. Is this a valid assertion?

Question 3 3. Based on salary, which role LIKELY represents the lowest supply of able workers?

Question 4 4. The money and physical assets used to produce goods describes which factor of production?

Question 5 5. Which of the following is an example of crowdfunding?

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Question 6 6. What is the name of the market in which households buy goods from firms?

Question 7 7. Which of the following would be considered an innovative practice with regard to land use?

Question 8 8. All of the economic inputs that are required to produce goods and services are called:

Question 9 9. Who is normally the consumer in a resource market?

Question 10 10. In Plaintown, there are many restaurants that hire waitstaff, lots of people who want to work as waiters, and the restaurants do not expect prospective waiters to have much experience. Which of the following BEST describes the equilibrium point for labor with regard to waiters?

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Question 11 11. The physical effort of people to produce goods or services describes which factor of production?

Question 12 12. If the supply curve for registered nurses were to move to the left, how would the labor market for nurses LIKELY be affected?

Question 13 13. Which is NOT an example of a resource supplied by a household?

Question 14 14. What activity would destroy an area of land for human use into the foreseeable future?

Question 15 15. Which of the following describes a bond?

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Question 16 16. Who is normally the producer in a resource market?

Question 17 17. The physical space and natural resources within a location describes which factor of production?

Question 18 18. The ideas and emotional drive a person has to produce something that other people will want to buy describes which factor of production?

Question 19 19. In the United States, there are very few job openings for rocket scientists, and all of these openings require a long list of qualifications. Where would you expect the equilibrium point for rocket scientists to be in the U.S.?

Question 20 20. Why is capital important to firms?

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Question 21 21. If the government were to give millionaires a tax cut, what would LIKELY happen to the number of potential CEOs?

Question 22 22. Which of the following is an example of a nonrenewable resource?

Question 23 23. What model is used to demonstrate markets and the flow of goods between firms and households?

Question 24 24. Who provides capital to a company?

Question 25 25. Which of the following describes a stock?

Georgia Milestones: Scarce Economic Resource Markets Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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