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Basic Economics Quiz
Test Description: Mr Stoltz intro to economics quiz
Instructions: Answer all questions to get your test result.
1) Economics is the study of
A
consumption decisions
B
the best way to run societ
C
how society decides what, how, and for whom to produce
D
production technology
2) A resource is scarce if supply exceeds demand at zero price
A
FALSE
B
TRUE
3) The opportunity cost of a good is
A
the expenditure on the good
B
the loss of interest in using savings
C
the quantity of other goods sacrificed to get another unit of that good
D
the time lost in finding it
4) A market can accurately be described as
A
a place to sell things
B
the process by which prices adjust to reconcile the allocation of resources
C
a place to buy things
D
a place where buyers and sellers meet
5) A command economy decides resource allocation by government planning
A
FALSE
B
TRUE
6) In a free market __________ ___________
A
governments plan production
B
governments interfere
C
governments intervene
D
prices adjust to reconcile scarcity and desires
7) In the mixed economy
A
economic allocation is achieved by the invisible hand
B
economic problems are solved by the government and market
C
economic questions are solved by government departments
D
economic decisions are made by the private sector and free market
8) Positive economics studies objective explanations of the workings of the economy
A
FALSE
B
TRUE
9) Normative economics forms ___________ based on _____________
A
opinions, personal values
B
positive statements, values
C
opinions, facts
D
positive statements, facts
10) Microeconomics is concerned with
A
the electronics industry
B
the study of individual economic behaviour
C
the economy as a whole
D
the interactions within the entire economy
11) Macroeconomics is the study of ___________________
A
household purchase decisions
B
the relationship between different sectors of the economy
C
the economy as a whole
D
individual building blocks in the economy
12) When we know the quantity of a product that buyers wish to purchase at each possible price, we know
A
Excess supply
B
Excess demand
C
Demand
D
Supply
13) Price ceilings are imposed increase price above the free market equilibrium price
A
Excess demand is zero
B
Quantity demanded equals quantity supplied
C
Buyers spend all their money
D
b and c
14) The equilibrium price clears the market; it is the price at which ________ _________
A
The market is cleared by the equilibrium price
B
Excess demand and excess supply are zero
C
All of the above
D
Quantity demanded equals quantity supplied
*select an answer for all questions
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