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Economics Ch. 1-3 B
Test Description: Economics 1-3
Instructions: Answer all questions to get your test result.
1) Which of the following describes a centrally planned economy?
A
The central government follows laissez-faire policies.
B
The central government makes all economic decisions.
C
The central government lets factories set their own goals.
D
The central government lets the market set wages for jobs.
2) In a free enterprise system, how do consumers most often express their desires to businesses?
A
protesting and boycotting products
B
hiring lobbyists to speak for them
C
e-mailing or texting the companies
D
buying or not buying products
3) A production possibilities curve shows the relationship between the production of
A
farm goods and factory goods.
B
any two categories of goods.
C
two types of farm goods.
D
two types of factory goods.
4) Why does the U.S. government intervene in the economy?
A
to restrict the banking industry
B
to promote the general welfare
C
to compete with private firms
D
to limit foreign trade
5) How can specialization benefit an economy?
A
It leads to competition.
B
It stops unemployment.
C
It makes production more efficient.
D
It makes labor easier to control.
6) Making a decision at the margin is possible only in situations where
A
there are differences in the amount of time each alternative will consume.
B
there are more than three different types of alternatives to consider.
C
the available opportunity costs are unclear or complicated.
D
the available alternatives can be divided into increments.
7) What are the government’s three goals as it tries to promote economic strength?
A
legal equality, patriotism, and profits
B
high employment, growth, and stability
C
technological advancement, competition, and productivity
D
public disclosure, regulation, and the public interest
8) Which of the following is the best example of a public good?
A
movie theater
B
shopping mall
C
highway system
D
country club
9) Which of the following is handled by individuals instead of government in a free market economy?
A
national defense
B
investment options
C
mass transit
D
public education
10) Which of the following might be a positive aspect of centrally planned economies?
A
low unemployment due to guaranteed jobs
B
quick adjustment to changing conditions
C
high levels of consumer satisfaction
D
incentives for workers to be innovative
*select an answer for all questions
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