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Economics - Part 2
1
of
25
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Hints:
3
Q1. If decreasing returns to scale are present, then if all inputs are increased by 10% then:
A. output will also decrease by 10%.
B. output will increase by 10%.
C. output will increase by less than 10%.
D. output will increase by more than 10%.
Q2. I sell landscape rocks. I just ordered TONS, but a new gardening show has got everyone decorating with gnomes instead. What am I going to do with all these rocks?? Will prices go
×
A. UP
B. DOWN
Q3. What is agricultural influence?
A. factories giving off pollution
B. Lots of coal leads to factories making steel
C. Farmers milk cows
D. Good soil leads to Ohio farmers growing soybeans
Q4. If working out for three hours gives gains, should you work out another two?
A. Scarcity Forces Tradeoffs
B. Thinking at the Margin
C. Future Consequences Count
D. Markets Coordinate Trade
Q5. What is the primary function of the Barrier Island?
A. They protect the beaches from erosion.
B. They are frequent targets of hurricanes.
C. They protect wild horses from extinction.
D. They serve as well-stocked hunting preserves.
Q6. The area in Michigan where the majority of fruits are grown is called the food belt.
A. TRUE
B. False it’s the fruit belt
Q7. State and local ballot referendums allow American citizens to
A. create government economic policies.
B. enact government spending proposals.
C. support the government goal of economic freedom.
D. support the government goal of financial security.
Q8. In a ___ the chief executive is selected by the people.
A. Presidential Democracy
B. Absolute Monarchy
C. Parliamentary Democracy
D. Constitutional Monarchy
Q9. ___refers to a worth that can be expressed in dollars and cents
A. Paradox
B. Value
C. Tax
D. Revenue
Q10. In the early years after independence, India had a large
A. rate of economic growth
B. trade deficit
C. trade surplus
D. number of oil reserves
Q11. When a country is importing more goods than it is exporting, this occurs
A. trade edficit
B. globalization
C. embargo
D. industrialization
Q12. coal
A. Primary
B. Secondary
C. Tertiary
D. Quarternary
Q13. The distribution of income received in the form of rent, wages, or interest is the main factor that determines
A. how goods and services are produced.
B. where goods and services are consumed.
C. who produces goods and services.
D. who consumes goods and services.
Q14. Specialization:
A. leads to greater self-sufficiency.
B. can lead to an increase in overall production.
C. allows workers to develop skills by working on a large number of tasks.
D. is always the result of an inefficient use of resources.
Q15. Which of the following is NOT a textile?
A. Pants
B. Blanket
C. Shirt
D. Wrapper
Q16. Who, among the following, is most likely to benefit during a period of rapid inflation?
A. Borrowers
B. Pensioners
C. Savers
D. Workers in strong unions
Q17. consumer or producer?
×
A. consumer
B. producer
Q18. Institution that helps channel funds from savers to borrowers
A. financial intermediary
B. financial system
C. financial assets
D. all of these
Q19. A government ruled by religious leaders who claim God’s authority
A. Autocracy
B. Unitary
C. Oligarchy
D. Theocracy
Q20. Communism and socialism are usually found in what type of economic system?
A. traditional
B. pure market
C. mixed
D. command
Q21. During the COVID 19 Pandemic we are all experiencing now, and the information campaign from the Center for Disease Control highlighting that bacteria and other organisms cause and spread disease, will the demand curve for soap be more elastic or more inelastic?
A. More elastic
B. More inelastic
Q22. Any money that you earn or receive from someone
A. Borrower
B. Saver
C. Income
D. Taxes
Q23. Fast food restaurants are an example of
A. differentiation
B. monopolistic competition
C. pure / perfect competition
D. A and B
Q24. In between job is the reason a person is unemployed
A. Traditional unemployment
B. Cyclical unemployment
C. Structural unemployment
D. Frictional unemployment
Q25. How does advertising affect the demand for a product?
A. Advertising make the demand go up.
B. Advertising makes the demand go down.
C. Advertising doesn’t change the demand.
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