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Economics - Part 1
1
of
25
💡
Hints:
3
Q1. A farmer is a ___ because they grow food to sell.
A. producer
B. consumer
Q2. In a command economy, who usually owns the farms and factories?
A. Individuals
B. Corporations
C. The government
D. Farm and factory workers
Q3. Because we face scarcity, we must make
A. studies
B. money
C. profit
D. choices
Q4. What kind of tax is the federal income tax?
A. progressive tax
B. flat tax
C. regressive tax
D. sin tax
Q5. The taxing and spending policies of the president and Congress are known as
A. revenue policy
B. fiscal policy
C. monetary policy
D. recession policy
Q6. The price for margarine (a butter substitute) goes down. The demand curve for butter will do what?
A. Shift to the right
B. Shift to the left
C. Stay the same
D. None of the above
Q7. How has technology changed the way people do business?
A. enabled faster communication around the world
B. cut-off direct communication between corporations
C. more postal service is required
D. censored import information
Q8. Which type of economic system has the highest level of government control?
A. traditional economy
B. market economy
C. command economy
D. mixed economy
Q9. Julie wants to earn
×
A. money
B. fliers
C. dogs
D. lists
Q10. Which is an example of investing in human capital?
A. cash
B. factories
C. education
D. highways
Q11. If the price for Coke goes up significantly, the demand for Pepsi will likely do what?
A. Will increase or go up
B. Will decrease or go down
C. Stay the same
D. None of the above
Q12. In a market economy, prices of goods and services are kept fixed
A. TRUE
B. FALSE
Q13. Which statement about the factors of production is correct?
A. Capital includes man-made machines that do not keep their original value
B. Enterprise is a natural factor of production that cannot be taught
C. Labour is an immobile factor that does not change its skill level
D. Land is only agricultural fields that cannot be improved by human effort.
Q14. The image above is a diagram of:
×
A. whirlpools
B. economics
C. rectangular flow diagram
D. circular flow diagram
Q15. What was the proportion of employment in industries in 2011-12?
A. 10%
B. 24.30%
C. 27%
D. 49%
Q16. What are some public services that are supported/paid for with money earned from taxes (select three)?
A. public school
B. fire department
C. police department
D. All of the above
Q17. Inflation in excess of 500 percent per year is called
A. demand-pull inflation
B. cost-push inflation
C. stagflation
D. hyperinflation
Q18. What does it mean when an economy has a commodity monetary standard?
A. The Economy’s money is backed by something of tangible value such as gold or silver.
B. The economy’s money is not backed by something of tangible value such as gold or silver.
C. The economy’s money is backed by alien invaders.
D. The economy’s money is backed by the federal reserve’s hidden stash of gold located at Fort Knox, Kentucky.
Q19. type of elasticity when a price adjustment causes a large quantity change
A. elastic
B. inelastic
C. unit elastic
Q20. Inflation is to be combated the RBI
A. Raise in CRR and lower SLR
B. Lower CRR and raise SLR
C. Raise both CRR and SLR
D. none of these
Q21. What is the primary way banks make their profit?
A. interest paid to depositors
B. stock dividends
C. customer surcharges
D. interest paid on bank-issued loans
Q22. Which type of economy is found in the United States?
A. Market Economy
B. Command Economy
C. Traditional Economy
Q23. What are resources?
A. Different sources used in the economy
B. The use of things to meet the problem of scarcity
C. Inputs used in the production of goods and services
D. Technological progress
Q24. ___is calculated by output per worker per period of time.
A. Productivity
B. Production
Q25. to accuse a public official of misconduct in office
A. Mandate
B. Impeach
C. Executive Order
D. Executive Privilege
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