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Scarce Economic Resource Markets Basics 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 "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!

Page 1

Question 1 1. How are households and businesses related?

Question 2 2. What is a resource market?

Question 3 3. Which of the following is NOT related to land as a natural resource?

Question 4 4. Which of the following is NOT related to capital as a resource?

Question 5 5. Which one of the following is NOT a resource found in a resource market?

Page 2

Question 6 6. Who is normally the producer in a resource market?

Question 7 7. What is the name of the market in which households buy goods from firms?

Question 8 8. Which is NOT an example of a resource supplied by a household?

Question 9 9. Susie goes to XYZ Grocery store and walks around to look at all the items that she has available to her for purchase. What is Susie participating in?

Question 10 10. What model is used to demonstrate markets and the flow of goods between firms and households?

Page 3

Question 11 11. If the supply curve for registered nurses were to move to the left, how would the labor market for nurses LIKELY be affected?

Question 12 12. 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?

Question 13 13. If the government were to give millionaires a tax cut, what would LIKELY happen to the number of potential CEOs?

Question 14 14. Based on salary, which role LIKELY represents the lowest supply of able workers?

Question 15 15. 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.?

Page 4

Question 16 16. People believe that when they purchase a property, they own a piece of land. Is this a valid assertion?

Question 17 17. Which of the following would be considered an innovative practice with regard to land use?

Question 18 18. How can a renewable resource be destroyed?

Question 19 19. Which of the following is an example of a nonrenewable resource?

Question 20 20. What activity would destroy an area of land for human use into the foreseeable future?

Page 5

Question 21 21. XYZ Manufacturing uses a geo-thermal heat pump in order to heat their building in the winters. What would this thermal heat resource be considered?

Question 22 22. Which of the following is NOT a capital resource?

Question 23 23. Which of the following is the best explanation of economic resources?

Question 24 24. Which resource involves the use of research and study to solve problems and improve processes?

Question 25 25. Which of the following is NOT a financial resource?

Page 6

Question 26 26. Which of the following describes a bond?

Question 27 27. Which of the following is an example of crowdfunding?

Question 28 28. Why is capital important to firms?

Question 29 29. Which of the following describes a stock?

Question 30 30. Who provides capital to a company?

Scarce Economic Resource Markets Basics 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 "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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