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Content Domain I: Fundamental Economics Concepts (Part 1) Multiple Choice Test

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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

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The market for labor would be considered

Which of the following economic systems is BEST at providing incentives to produce?

Which of the following BEST explains why mechanical engineers are paid more than janitors?

Belinda has a business making steel ornamental lawn statues. The machine she uses to join pieces of steel together is considered.....

Which of the following is an important reason why people need financial investment plans?

Which of the following is a problem MOST often associated with command economies?

In a market economy, what is the PRIMARY motivation for producers to sell their products at a price consumers can afford?

Which of the following is considered a negative side effect of a minimum wage?

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

Which of the following would consumers MOST OFTEN need to consider when trying to make a rational economic decision?

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