F. Digital Unit Test

Which resource is NOT an example of a factor of production?

• labor
• natural resources
• government
• capital

Which example is NOT an economic indicator used to measure a nation’s standard of living?

• literacy rates
• life expectancy
• GDP per capita
• climate

Which term describes how goods are made and sold in a society to meet the people’s needs?

• geography
• government
• economy
• culture

What is analyzed to set fair prices in an economy and determine the market equilibrium?

• supply & demand
• factors of production
• economic indicators
• industries

What might be an effect on a society if one of the factors of production is in short supply?

• people lose jobs
• inventory surplus
• prices decrease
• no changes

What economic idea is illustrated by the following sentence? “All 24 kids in class want to color with markers, but there are only 3 markers available to use.“

• market equilibrium
• surplus
• scarcity
• capital

Which factor most likely influences an entrepreneur’s desire to start a business?

• early retirement
• earning a profit
• donating money
• creating jobs

The car dealership advertised a huge clearance sale to get rid of _____ inventory.

• Surplus
• Labor
• Capital
• Industry
• Scarcity

The tourism _____ suffered during the pandemic due to strict restrictions on travel.

• Industry
• Labor
• Capital
• Surplus
• Scarcity

The investors needed to raise a large amount of _____ in order to build a new research facility.

• Capital
• Labor
• Surplus
• Industry
• Scarcity