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Economics - Part 2
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25
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Hints:
3
Q1. 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
Q2. Which of the following is NOT a textile?
A. Pants
B. Blanket
C. Shirt
D. Wrapper
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. 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
Q5. A government ruled by religious leaders who claim God’s authority
A. Autocracy
B. Unitary
C. Oligarchy
D. Theocracy
Q6. 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.
Q7. Communism and socialism are usually found in what type of economic system?
A. traditional
B. pure market
C. mixed
D. command
Q8. 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
Q9. 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
Q10. 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.
Q11. When a country is importing more goods than it is exporting, this occurs
A. trade edficit
B. globalization
C. embargo
D. industrialization
Q12. In between job is the reason a person is unemployed
A. Traditional unemployment
B. Cyclical unemployment
C. Structural unemployment
D. Frictional unemployment
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. consumer or producer?
×
A. consumer
B. producer
Q15. 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
Q16. ___refers to a worth that can be expressed in dollars and cents
A. Paradox
B. Value
C. Tax
D. Revenue
Q17. 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.
Q18. 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%.
Q19. Fast food restaurants are an example of
A. differentiation
B. monopolistic competition
C. pure / perfect competition
D. A and B
Q20. 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
Q21. Institution that helps channel funds from savers to borrowers
A. financial intermediary
B. financial system
C. financial assets
D. all of these
Q22. coal
A. Primary
B. Secondary
C. Tertiary
D. Quarternary
Q23. Any money that you earn or receive from someone
A. Borrower
B. Saver
C. Income
D. Taxes
Q24. In a ___ the chief executive is selected by the people.
A. Presidential Democracy
B. Absolute Monarchy
C. Parliamentary Democracy
D. Constitutional Monarchy
Q25. 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.
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