From 11:00PM PDT on Friday, July 1 until 5:00AM PDT on Saturday, July 2, the Shmoop engineering elves will be making tweaks and improvements to the site. That means Shmoop will be unavailable for use during that time. Thanks for your patience!
We have changed our privacy policy. In addition, we use cookies on our website for various purposes. By continuing on our website, you consent to our use of cookies. You can learn about our practices by reading our privacy policy.
© 2016 Shmoop University, Inc. All rights reserved.
Economic Principles

Economic Principles

Reading Quizzes

Available to teachers only as part of theEconomic PrinciplesTeacher Pass


Economic PrinciplesTeacher Pass includes:

  • Assignments & Activities
  • Reading Quizzes
  • Current Events & Pop Culture articles
  • Discussion & Essay Questions
  • Challenges & Opportunities
  • Related Readings in Literature & History

Sample of Reading Quizzes


Reading Quiz

Questions

1. The fact that no individual or nation has all of the resources necessary to satisfy its wants and needs is referred to by the term ________.
2. If I decide to spend my time studying math instead of economics, my low economics grade is the _______ of my decision.
3. Are timber and fish considered factors of production?
4. What do economists call this type of factor of production?
5. What type of factor of production is your chemistry book?
6. If I buy a piece of machinery that allows me to increase the number of goods I produce in an hour, I have increased my ___________.
7. If next month, for the first time, more students buy their textbooks from me than from my competitor, I will have increased my _____________.
8. A Lorenz Curve
a. measures the relationship between income and GDP.
b. measures the distribution of income.
c. measures per capita income.
d. measures market share. 

9. What statistic measures the total market value of all goods and services produced within a country during a specified period?
a. Gross Domestic Product
b. Lorenz Curve
c. National Income
d. Per Capita National Income

10. The various goods and services that a country can produce with its resources are referred to as its _______________.

Answers

1. scarcity
2. opportunity cost
3. yes
4. land
5. technology
6. productivity
7. market share
8. b. measures the distribution of income.
9. a. Gross Domestic Product
10. production possibilities