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Economics - Part 3
1
of
25
💡
Hints:
3
Q1. In a traditional economy, the decision to make certain products is decided by
A. entrepreneurs
B. custom
C. government
Q2. Positive incentive
A. a positive reason that influences an action
B. next best alternative given up
C. a negative reason that influences an action
D. all alternatives given up
Q3. If the citizen participation in a country is labeled as democracy then?
A. a small group has all the power
B. one person has total control of the country
C. citizens get to vote
D. no one has control of the country
Q4. The law of demand states that, all other factors being equal, as the product price increases, the quantity of the product sought by buyers
A. decreases
B. increases
C. stays the same
Q5. According to our text , pg 13, there are ___ factors that can affect supply .
A. 1
B. 2
C. 3
D. 4
Q6. ___are the main determinants of price elasticity of demand.
A. Substitute goods
B. Gasoline
C. Cable TV
D. Elastic goods
Q7. Real items, such as cars, watches, and clothing; things people make
A. Goods
B. Services
C. Needs
D. Borrower
Q8. What is another word for extra?
A. goods
B. services
C. surplus
D. economics
Q9. Currency
A. The way a community uses money, goods, resources, and services.
B. A country’s system of money.
C. Anything a company uses to make or sell a product.
Q10. Which of the following is considered to be one of the four types of economies we have studied?
×
A. Traditional
B. Command
C. Free Market
D. All of the above
Q11. Which of the following is not an example of a service:
A. Teacher
B. firefighter
C. Hairdresser
D. A car
Q12. All personal needs, such as health care and education, are provided by the government.
A. Traditional Economy
B. Free enterprise (Capitalist) Economy
C. Communist (Command) Economy
D. Socialist Economy
Q13. A specific limit placed on the number of imports that may enter a country
A. Embargo
B. Tariff
C. Quota
D. Trade
Q14. refers to the dispersal of materials, including land, water, and minerals among geographic locations
A. per-capita consumption
B. renewable resource
C. resource distribution
D. product life cycle
Q15. What is collective bargaining?
A. union and company representatives meeting to negotiate a new labor contract
B. Going to Disney and collecting autographs of all the characters.
C. an agreement to allow everyone to be part of the labor negotiating process
D. a situation in which the rights of labor have been set aside
Q16. If the store has 100 packs of toilet paper and 200 people want to buy it, is it a shortage or surplus?
A. shortage
B. surplus
Q17. This image represents a(n):
×
A. supply schedule
B. demand schedule
C. demand curve
D. supply curve
Q18. Why might a government encourage a monopoly?
A. It can have high average costs
B. It can compete against foreign f irms
C. It can prevent innovation.
D. It can make excessive profits.
Q19. Buy goods and services from other countries, money will leave the circular flow to pay for these goods
A. Exports
B. Imports
C. Income
D. Unearned
Q20. What is a factory building an example of?
A. land
B. labor
C. capital
D. entrepreneurship
Q21. Do you know what is ROTTEN TOMATOES?
A. Yes
B. No
Q22. Which is a likely complement to a tablet computer?
A. DVDs
B. movie tickets
C. apps
D. pencils
Q23. Anewtechnology increases the speed of computers without increasing production costs. What is the MOST LIKELY effect of this technology?
A. The price of new computers will decline.
B. The price of new computers will increase.
C. The demand for new computers will decline.
D. The demand for new computers will increase.
Q24. Why do countries trade with each other?
A. to make new friends
B. to show off what they have
C. to get goods they want or need, but do not produce or grow
Q25. Occurs when something prompts consumers to buy different amounts at every price
A. Trade off
B. Change in demand
C. Normal Goods
D. Marginal Benefit
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