Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
0 of .
Results for:
No results containing your search query
P. 1
EOC Practice Test Goal7

EOC Practice Test Goal7

Ratings: (0)|Views: 2,516|Likes:
Published by Tyler

More info:

Published by: Tyler on Jan 05, 2010
Copyright:Attribution Non-commercial


Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less





Practice Test of 
Goal 7 – Groupand IndividualEconomics
Note to teachers:
These unofficial sample questions were created to help students review state Goal 7 content, as well aspractice for the Civics and Economics EOC. The questions are based on the various lesson plans in the Civic EducationConsortium’s Database of Civic Resources, as well as the NC Standard Course of Study. However, these practicequestions are not meant to influence teachers in the content they choose to focus on in class, nor do they reflect any knowledge of questions that will actually appear on the state’s EOC.
1. The study of how firms, nations, andindividuals best allocate their limitedresources is called what?
A. Circular Economic ActivityB. EconomicsC. Factoring ProductionD. Supply and Demand Analysis
2. Computers, trucks, hammers, and otherman-made materials would be with factor ofproduction?
A. CapitalB. EntrepreneurshipC. LaborD. Land
3. Logan starts a restaurant using his ownmoney to purchase a building and cooking supplies such as ovens and grills. This is anexample of which of the following economicterms?
A. EntrepreneurshipB. ProductivityC. SpecializationD. Investment
4. What term do we use to describe items thatare necessary for our survival?
A. ScarcityB. ShortageC. NeedD. Want
5. Which of the following best describesfactors of production?
A. The resources necessary to producegoods and servicesB. The number of steps it takes to make aproductC. The mathematical equations thatdetermine GDPD. The goods and services that a countryproduces
6. What is entrepreneurship in a capitalisteconomy?
A. Maximizing manpower needed toproduce goods and servicesB. Using all the goods and services inproductionC. Minimizing the social and economic riskin governmentD. Making a profit by taking a risk tosatisfy a perceived market need
7. A purchase of four new pairs of a highlysought-after shoe could be described asfulfilling a:
A. GoodB. ServiceC. WantD. Need
8. Of the following, who would
most likely
 earn the highest wage/salary?
A. An unskilled blue collar workerB. A skilled white collar workerC. Someone who graduated from highschool and has little additional trainingD. Someone who works as a hired hand ona farm
9. Using current resources that could be spentimmediately for some greater benefit at alater time is:
A. ProductivityB. Capital GoodC. Diminishing ReturnsD. Investment
10. Producers have an incentive to producewhat consumers want, because this will makethem money. This is known as:
A. Free Choice of MarketB. Open Opportunity of MarketC. Profit MotiveD. Perfect Competition
11. What is the basic economic concept thatindicates there are always going to be wantsthat go unfulfilled?
A. Inflation of GoodsB. Rationing of GoodsC. Scarcity of GoodsD. Trade-off of Goods
12. A clothing company manufacturers 500anniversary editions of a shirt. Since there areso few shirts to sell, what effect will thislikely have on the price of the shirt?
A. The price will remain constantB. The price will be highC. The price will be lowD. The price fluctuates

Activity (4)

You've already reviewed this. Edit your review.
1 thousand reads
1 hundred reads
Nguyen Vu Anh liked this

You're Reading a Free Preview

/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->