Economics Unit 7 Test Review

Which of the following is NOT a fixed cost?

• Rent

• Business Insurance

• Labor

• License Fee

Which of the following is NOT a variable cost?

• Labor

• Electricity

• Rent

• Raw Materials

Which of the following is NOT a factor of production?

• Land

• Capital

• Labor

• Cost

A visual representation of the relationship between two sets of data is called...

• Plot

• Vector

• Picture

• Graph

An economic system in which economic decisions are left up to individual producers and consumers.

• Command Economy

• Market Economy

• Mixed Economy

• Traditional Economy

Solar energy is an example of...

• Renewable Resource

• Free Resource

• Perpetual Resource

• Nonrenewable Resource

Which of the following is NOT an example of a consumer good?

• Bulldozer

• Convertible

• Motorcycle

• Lawnmower

If an individual/business is struggling financially, they may seek legal relief from creditors in a process known as...

• Bankruptcy

• Nolo Contender

• Plea Bargaining

• Evasion

Unintended consequences are always negative.

• True

• False

Opportunity costs include all possible alternative choices.

• True

• False