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Economics - Part 4
1
of
25
💡
Hints:
3
Q1. The way a place uses its money, goods, natural resources, and services is the
A. budget
B. expense
C. scarcity
D. economy
Q2. A free enterprise system is one in which
A. The government owns and operates all of the businesses and industries
B. Private citizens own and operate most of the businesses and industries
Q3. The law of comparative advantage helps explain
×
A. why some products do better than others
B. opportunity costs
C. how economists work
D. why a person talented in many things can get more done by specialization
Q4. AT&T, Verizon, and T-Mobile are an example of a(n)
A. Monopoly
B. Oligopoly
Q5. What is a market? choose the best answer
A. A place where goods and services are exchanged
B. a grocery store
C. a place where wants and needs are given and taken
D. school
Q6. Consumers do this.
A. Provide services
B. Provide goods
C. Pay for goods
D. Save all of their money
Q7. Which of the following is not a basic economic problem that an economy must strive to solve?
A. Deciding what goods and services to produce
B. Determining the most efficient method of production
C. Deciding what ought to be the priority of the government
D. Deciding for whom the production of goods should be produced
Q8. When a products need is not urgent, demand is
A. inelastic
B. elastic
C. complementary
D. unit elastic
Q9. In Madison, you can find many ___, or places to buy goods.
A. competition
B. income
C. imports
D. markets
Q10. What does GDP stand for?
A. Gross Domestic Production
B. Greater Domestic Product
C. Greater Domestic Production
D. Gross Domestic Product
Q11. What determines how a change in prices will affect total revenue for a company?
A. elasticity of demand
B. the company’s pricing policy
C. values of elasticity
D. the consumers’ incomes
Q12. Which of the following trade barriers places a limit on imported goods?
A. Tariff
B. Quota
C. Embargo
Q13. An excess of imports over exports.
A. trade surplus
B. trade deficit
Q14. If lowering the price of an item doesn’t result in more sales, demand is said to be
A. Diminishing
B. Increasing
C. Marginal
D. Inelastic
Q15. a condition of rising prices
A. subsidy
B. inflation
C. excise tax
D. transportation cost
Q16. What is competition when relating it to economics?
A. Individuals and businesses compete for resources
B. Households and businesses compete for resources
C. Government and businesses compete for resources
D. Banks and businesses compete for resources
Q17. The proponent of Hierarchy of Needs
A. Aristotle
B. Maslow
C. Samuelson
D. Plato
Q18. Which factor causes the demand curve to shift in the following situation: Bobby graduated from college and got a good job, so he decided to buy a new 2016 Passat.
A. income
B. population
C. consumer tastes & advertising
D. prices of related goods
Q19. In MACROeconomics, the economy can best be understood through the use of
A. money
B. models
C. pricing
D. debates
Q20. Demand-Pull inflation can be describes as too many ___ chasing too few ___
A. jobs, workers
B. consumers, producers
C. dollars, goods
Q21. During a recession, the unemployment rate:
A. Increases
B. Decreases
Q22. Order these criminal felony case procedures from beginning to end.
×
A. D-B-A-C-E
B. A-D-B-C-E
C. D-A-B-C-E
D. D-A-C-B-E
Q23. Stock Market is dropping and consumers are reluctant to purchase stock. More willing to sell stock to avoid losing money.
A. Bear Market
B. Bull Market
C. Stock Market
D. Stock Exchange
Q24. In a command economy, the ___ either makes most economic decisions itself or at least strongly influences how the decisions are made.
A. government
B. market
C. firm
D. business sector
Q25. What is a product that people in one country buy from people in another country?
A. import
B. export
C. trade
D. tariff
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