Practice Test Answers

Resources needed to provide goods or services are called

Which of the would be considered a nonrenewable resource?

In the free-enterprise system of the United States, the government

The government has the right to own all land, buildings, and factories in a

Opportunity cost means that something needs to be

What is one purpose of studying economics?

In a command economy, a cotton farm floods after a heavy storm. The repair work most likely will be paid by

Land is considered a resource because it

The factors of production attempt to instill the idea that resources are

Which situation best reflects the concept of free enterprise?

Which of these would be a producer?

What role do government agencies play in a mixed market economy?

Which of these statements about opportunity cost are true? Choose three correct answers.