Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Economics Ch. 1-3 A
Test Description: Econ 1-3
Instructions: Answer all questions to get your test result.
1) Improved technology helps create a higher standard of living for future generations by
A
reducing the number of unemployed workers
B
preventing drastic shifts in general price levels.
C
providing additional goods and services.
D
creating specialized jobs for workers.
2) Which of these terms could you use in place of the phrase “human capital”?
A
tools
B
buildings
C
skills
D
equipment
3) Which of the following philosophers argued that a free market would regulate itself with little government involvement?
A
Vladimir Lenin
B
Adam Smith
C
Friedrich Engels
D
Karl Marx
4) A nation’s automakers install new robotic machinery to build cars. As a result, cars take only a day to make, and the factories can produce many more cars than before. This is an example of growth caused by
A
technology.
B
labor.
C
production possibility curves.
D
natural resources.
5) Policymakers pursue all of the following goals to stabilize the economy except
A
stable productivity.
B
stable prices.
C
high unemployment.
D
steady growth.
6) Jean-Baptiste Say argued that entrepreneurs should be called the fourth factor of production because they
A
are motivated by the desire to make a profit.
B
organize the other factors and make things happen.
C
have historically been successful.
D
can overcome scarcity by making new choices.
7) What “invisible hand” regulates the free market economy?
A
competition between firms
B
competition and self-interest
C
specialization
D
incentive and efficiency
8) Scarcity requires people to make choices. Why?
A
Producers rarely make enough of a good.
B
Services are easier to get than goods.
C
There are not enough resources to make everything we want.
D
People have more wants than needs.
9) What is one advantage of a centrally planned economy?
A
quick adjustment to changing conditions
B
incentives for workers have new ideas
C
high levels of consumer satisfaction
D
low unemployment due to guaranteed jobs
10) The ways in which factors of production are combined determines the answer to which economic question?
A
Who will consume goods?
B
How can we provide a safety net?
C
How will goods be produced?
D
What will be produced?
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?