Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
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
money
B
natural resources
C
scarcity
D
skills
2) To improve its standard of living, a nation’s economy must
A
reach economic equity.
B
remain stable.
C
allow the central government to make economic decisions.
D
grow through innovation.
3) Why do public goods demonstrate the limitations of a free market economy?
A
They allow governments to control most economic decisions.
B
They allow consumers to make all of the 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
the business cycle
C
microeconomics
D
voluntary exchange
5) What was the trade-off of the Soviet Union’s focus on heavy industry?
A
It was a better investment.
B
Fewer consumer goods were produced.
C
It created fewer jobs.
D
Everyone became poor.
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 satisfaction of knowing you are the first of your friends to have these CDs
B
the difference between the cost to produce the CDs and the price you paid for them
C
the $30 check that you wrote for the 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
Customers have the power to decide what gets produced.
B
Producers of goods are also customers.
C
People with the most money are treated like royalty.
D
In a service economy, the customer is always right.
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
equity
D
freedom
9) Why does the government protect inventors and authors by offering them patents and copyrights?
A
to regulate the business cycle
B
to encourage free trade
C
to strengthen American culture
D
to promote innovation
10) Why does every decision involve trade-offs?
A
Incomes are not equal.
B
Resources are limited.
C
Everyone has to make decisions.
D
Decisions are all different.
*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?