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Holt McDougal Economics Chapter 1.1: Scarcity - The Basic Economic Problem 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. What is the best explanation of factors of production?

Question 2 2. If a good has a cost, then it is considered

Question 3 3. Which of the following is a factor of production that some economists believe should be included with the three basic factors?

Question 4 4. A shortage is when quantity demanded ______ than quantity supply at the market price.

Question 5 5. Which factor of production does management fall under?

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Question 6 6. What point Illustrates scarcity?

Question 7 7. What can cause a shortage of a particular good?

Question 8 8. Which of the following may contribute to a shortage of rice?

Question 9 9. Which is an example of fixed capital?

Question 10 10. Which of the following does not fall within the category of land as a factor of production?

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Question 11 11. If scarcity did not exist,

Question 12 12. An example of a non-scarce good is

Question 13 13. What two factors contribute to scarcity?

Question 14 14. Shortage is:

Holt McDougal Economics Chapter 1.1: Scarcity - The Basic Economic Problem 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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