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Fundamental Concepts Review
Test Description: Econ EOC review
Instructions: Answer all questions to get your test result.
1) The fundamental problem of economics is:
A
the scarcity of factors of production relative to the unlimited wants of humans.
B
to achieve a more equitable distribution of money income in order to mitigate poverty.
C
to establish an equitable system of personal and business taxation.
D
to establish a democratic political framework for the provision of social goods and services.
2) Which of the following is an example of an investment in human capital?
A
A business trains a new employee.
B
A company builds a new factory.
C
A country builds new bridges.
D
A state puts in a new highway.
3) An assembly line can increase a factory’s productivity because it allows workers to
A
focus on a specific task
B
diversify their skills
C
put in overtime hours on the job
D
use a wide range of knowledge
4) With which term is a command economic system MOST closely associated?
A
governmental regulation
B
absolute advantage
C
entrepreneurship
D
perfect competition
5) When governments tax polluting companies and subsidize college education, they are serving the role of
A
resolving market failures.
B
protecting property rights.
C
redistributing income.
D
providing public goods.
6) When the U.S. government purchases a submarine from a company, the government has made a major transaction in the
A
public market
B
factor market
C
product market
D
foreign exchange market
7) When a country’s businesses invest heavily in new capital goods and new technology, which of the following is most likely to occur?
A
economic growth.
B
economic freedom
C
opportunity costs.
D
supply and demand.
8) In Georgia, the Public Service Commission regulates the rates charged to customers by GA Power to ensure:
A
GA Power gets enough money to make a profit.
B
Consumers are protected from sharp price increases by a monopoly
C
Consumers are protected from power plant pollution.
D
GA Power does not profit from the sale of electricity in Georgia.
9) A headline reads: Consumers demand new cell phones with greater functionality. What basic economic question is being addressed in this headline?
A
when to produce
B
for whom to produce
C
what to produce
D
how to produce
10) The payments for land, labor, capital, and entrepreneurial ability respectively are
A
wages, rent, profit, and interest
B
rent, wages, interest, and profit
C
rent, profit, wages, and interest
D
profits, wages, interest, and rent
*select an answer for all questions
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