Q3 Final Exam Review (Economics): Question Preview (ID: 28569)


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When trade barriers are put into place, consumers will have more choices of goods to choose from.
a) TRUE b) FALSE c) X d) X
When FREE TRADE occurs, consumers will have more choices of goods to choose from.
a) TRUE b) FALSE c) X d) X
The most common type of economy found in the world today is:
a) Traditional b) Command c) Market d) Mixed
In a market economy, 4 Factors of Production are employed to make most goods. The BUSINESS OWNER that owns/operates a birdhouse factory would be an example of which factor of production?
a) Physical Capital b) Natural Resource c) Human Capital d) Entrepreneur
In a market economy, 4 Factors of Production are employed to make most goods. The woodworking knowledge/skill of a master carpenter would be an example of which factor of production?
a) Physical Capital b) Natural Resource c) Human Capital d) Entrepreneur
In a market economy, 4 Factors of Production are employed to make most goods. The CHAINSAW used to cut down trees for wood would be an example of which factor of production?
a) Physical Capital b) Natural Resource c) Human Capital d) Entrepreneur
Which type of economy can be described as one in which the existing government makes all economic decisions?
a) Traditional b) Command c) Market d) Mixed
In a market economy, 4 Factors of Production are employed to make most goods. The WOOD used to make a birdhouse would be an example of which factor of production?
a) Physical Capital b) Natural Resource c) Human Capital d) Entrepreneur
Which type of economy can be described as one where business owners are free to make some economic decisions, but the government does set some guiding rules regulations?
a) Traditional b) Command c) Market d) Mixed
Which type of economy can be described as one where producers consumers are free to make their own economic decisions without any influence from a government?
a) Traditional b) Command c) Market d) Mixed
Which type of economy can be described as one where currency would not likely be used people focus primarily on producing only what they need to survive?
a) Traditional b) Command c) Market d) Mixed
Which of the following would be an example of a CONSUMER?
a) a child that buys a video game b) a person that works in a toy factory c) a woman that owns operates an Italian restaurant d) a doctor
Which of the following would be an example of a PRODUCER?
a) a child that buys a video game b) a person with no job that sits on the couch all day c) a woman that owns operates an Italian restaurant d) a man in the hospital being treated for an illness
If a good is “domestic”, it means that it was made in your own country.
a) TRUE b) FALSE c) x d) x
If a good is “foreign”, it means that it was made in your own country.
a) TRUE b) FALSE c) x d) x
If “Free Trade” occurs, domestic producers might have to lower their prices to compete with foreign producers.
a) TRUE b) FALSE c) x d) x
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