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