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Economics Ch. 1-3 C
Test Description: Economics Ch. 1-3
Instructions: Answer all questions to get your test result.
1) At many different levels, the existence of _____ forces people to make choices.
A
natural resources
B
scarcity
C
skills
D
money
2) To improve its standard of living, a nation’s economy must
A
remain stable.
B
reach economic equity.
C
grow through innovation.
D
allow the central government to make economic decisions.
3) Why do public goods demonstrate the limitations of a free market economy?
A
They allow consumers to make all of the economic decisions.
B
They allow governments to control most economic decisions.
C
They allow government to make some economic decisions.
D
They prevent consumers from making economic decisions.
4) A news magazine carries an article about the U.S. economy. It describes how the economy grew for several years. Then it describes a long period of contraction. What is the main subject of this article?
A
poverty
B
microeconomics
C
the business cycle
D
voluntary exchange
5) What was the trade-off of the Soviet Union’s focus on heavy industry?
A
Everyone became poor.
B
It created fewer jobs.
C
It was a better investment.
D
Fewer consumer goods were produced.
6) You bought two new CDs with the last $30 in your checking account, and your next payday is on Monday. What is the opportunity cost of these CDs?
A
the $30 check that you wrote for the CDs
B
the difference between the cost to produce the CDs and the price you paid for them
C
the satisfaction of knowing you are the first of your friends to have these CDs
D
the night out with your friends that you miss because you can’t afford it now
7) What does the expression “the customer is king” mean in a free market economy?
A
In a service economy, the customer is always right.
B
People with the most money are treated like royalty.
C
Producers of goods are also customers.
D
Customers have the power to decide what gets produced.
8) A town wants to repair a school in one of its poorest neighborhoods. To pay for it, citizens vote to raise taxes on households and businesses. What social goal best explains this economic decision?
A
security
B
growth
C
freedom
D
equity
9) Why does the government protect inventors and authors by offering them patents and copyrights?
A
to regulate the business cycle
B
to promote innovation
C
to encourage free trade
D
to strengthen American culture
10) Why does every decision involve trade-offs?
A
Incomes are not equal.
B
Decisions are all different.
C
Everyone has to make decisions.
D
Resources are limited.
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