Content Domain I: Fundamental Economics Concepts (Part 1): Question Preview (ID: 10755)

Below is a preview of the questions contained within the game titled CONTENT DOMAIN I: FUNDAMENTAL ECONOMICS CONCEPTS (PART 1): This Domain (unit) Covers The Following Concepts: 1)Scarcity And Opportunity Cost 2)Comparison Of Marginal Benefit And Marginal Costs 3)Benefits Of Specialization 4) Types Of Economic Systems 5) Role Of Regulatory Agencies 6) Investment And Econom .To play games using this data set, follow the directions below. Good luck and have fun. Enjoy! [print these questions]

Play games to reveal the correct answers. Click here to play a game and get the answers.

Which of the following is considered a negative side effect of a minimum wage?
a) full employment b) increased interest rates c) unemployment d) failure to meet equilibrium production
In a market economy, if there is NOT A PRICE at which both producers are willing to make an item and consumers are willing to buy the item, then
a) it will not be made b) the seller will always cut the price c) the buyer will always accept a higher price d) the government will subsidize the product
In a market economy, what is the PRIMARY motivation for producers to sell their products at a price consumers can afford?
a) patriotism b) sense of duty c) profit d) fear of government regulations
Which of the following is a problem MOST often associated with command economies?
a) Public goods are underproduced. b) Goods consumers want are oversupplied while goods consumers don't want are undersupplied. c) There is a huge income disparity between the richest and poorest citizens. d) High unemployment rates results.
Which of the following is an important reason why people need financial investment plans?
a) to know where to purchase goods b) to save for retirement c) to gain simple rather than compound interest d) to lower their credit score
Belinda has a business making steel ornamental lawn statues. The machine she uses to join pieces of steel together is considered.....
a) human capital b) entrepreneurship c) labor d) capital
Which of the following BEST explains why mechanical engineers are paid more than janitors?
a) Engineers make more money for a firm and are in shorter supply. b) Engineers are more educated than janitors. c) Engineers do mental work but janitors do physical work. d) Engineers work longer hours than janitors.
The market for labor would be considered
a) product market b) factor market c) wage market d) monopolistic market
Which of the following economic systems is BEST at providing incentives to produce?
a) traditional b) command c) market d) mercantilist
Which of the following would consumers MOST OFTEN need to consider when trying to make a rational economic decision?
a) the impact of government subsidies b) potential opportunity costs c) factors of production d) net exports
Play Games with the Questions above at
To play games using the questions from the data set above, visit and enter game ID number: 10755 in the upper right hand corner at or simply click on the link above this text.

Log In
| Sign Up / Register