Economics Questions English Grammar Exercises

Question. People often like to have a lot of material goods but water, food and shelter are basic ....... people and other animals require to stay alive.
(a) wants
(b) needs
(c) desires
Answer. B

Question. When someone really likes a product but that item is not necessary to stay alive, the product is called a ....... or a luxury.
(a) want
(b) need
(c) requirement
Answer. A

Question. The earth supplies us with many beautiful things as well as many natural, raw materials. These usable materials are called ........
(a) industrial elements
(b) natural resources
(c) chemical reactions
Answer. B

Question. There are many companies that manufacture products and consumers buy them. The products that people buy are called ........
(a) supply
(b) services
(c) goods
Answer. C

Question. Companies will often use raw materials in order to turn them into usable products that consumers need and want. This process is called ........
(a) capital
(b) manufacturing
(c) resources
Answer. B

Question. Some companies, don't specialize in manufacturing, but rather they do work, for a fee, for other people. This work in known as a ........
(a) product
(b) goods
(c) service
Answer. C

Question. Every country experiences ....... at some point or another. This is when a country's wants are larger than the available resources.
(a) low-end products
(b) scarcity
(c) goods
Answer. B

Question. Whether it's a natural resource or not, every possible use of a resource is called an ........
(a) opportunity
(b) shortage
(c) costs
Answer. A

Question. Any item or material that people use to manufacture products or use in order to provide services is called a........
(a) shortage
(b) resource
(c) worker
Answer. B

Question. There are many companies around the world. The people who own each individual business are called........
(a) entrepreneurs
(b) workers
(c) attendants
Answer. A

Question. A ....... is the person who directs, supervises and operates a business or a section of a business. This person is in a management position but is not always the owner of the company.
(a) worker
(b) manager
(c) wealthy person
Answer. B

Question. When people or departments become highly-skilled in one area of production because they only create or produce one item or one part of an item, ....... occurs.
(a) labor
(b) service
(c) specialization
Answer. C

Question. ....... is a system where products or parts of products move from one worker to another. This is an efficient system that is used in order to manufacture products in a highly productive manner.
(a) A labor shortage
(b) A line of people
(c) An assembly line
Answer. C

Question. When companies split up or divide workers' tasks so that each worker performs one job or task, the process is known as ........
(a) division of labor
(b) student lines
(c) technology
Answer. A

Question. Many companies around the world use ......., or make use of scientific advancements, to manufacture new and improved products every day.
(a) introductions
(b) division
(c) technology
Answer. C

Question. ....... store huge amounts of information within computer systems that were not in existence 40 years ago.
(a) Advantages
(b) Databases
(c) Assembly lines
Answer. B

Question. In some nations, people and families are below the poverty level and are in need so they are given ....... in order to survive.
(a) technology
(b) welfare
(c) consumers
Answer. B

Question. In a ....... economy, individuals and businesses own and make most of the decisions about resources. In this type of economy, the people own and control most of the production processes.
(a) modest
(b) market
(c) command
Answer. B

Question. In a ....... economy, individuals and governments own and control production together. They both decide how resources will be used, what will be produced and who will buy and use the products.
(a) market
(b) mixed
(c) command
Answer. B

Question. Whether businesses manufacture goods or offer services, all of the money taken in by a business is called.......
(a) costs
(b) labor
(c) revenue
Answer. C