Introduction to Economics — Test Answers

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What is the best definition of ownership?

Ownership is the right to purchase goods alone.

Ownership is the right to possess land alone.

Ownership is the right to possess land or goods.

Ownership is the right to purchase land or goods.

Which statement best describes a command economy?

The decisions made by producers and consumers drive all economic choices.

Producers and consumers make some economic choices while the government makes others.

Government intervention in economic choices is strictly forbidden.

The government determines economic choices and makes most decisions.

What is the second step in the prewriting process for an argumentative essay?

forming a claim

developing an opinion

creating an outline

finding evidence

Which of the illustrates an opportunity cost?

Alyssa does not have enough time to study for her test.

James has enough money to buy some socks and a book.

Amir only has time to study or to play basketball.

Lydia does not have enough money to buy a new shirt.

Which of the could be considered both a renewable resource and a nonrenewable resource?

iron ore

sea water

wheat crop

solar energy

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