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Economics Ch. 1-3 A
Test Description: Econ 1-3
Instructions: Answer all questions to get your test result.
1) Improved technology helps create a higher standard of living for future generations by
A
preventing drastic shifts in general price levels.
B
providing additional goods and services.
C
creating specialized jobs for workers.
D
reducing the number of unemployed workers
2) Which of these terms could you use in place of the phrase “human capital”?
A
buildings
B
equipment
C
tools
D
skills
3) Which of the following philosophers argued that a free market would regulate itself with little government involvement?
A
Karl Marx
B
Friedrich Engels
C
Vladimir Lenin
D
Adam Smith
4) A nation’s automakers install new robotic machinery to build cars. As a result, cars take only a day to make, and the factories can produce many more cars than before. This is an example of growth caused by
A
technology.
B
natural resources.
C
production possibility curves.
D
labor.
5) Policymakers pursue all of the following goals to stabilize the economy except
A
stable prices.
B
high unemployment.
C
steady growth.
D
stable productivity.
6) Jean-Baptiste Say argued that entrepreneurs should be called the fourth factor of production because they
A
organize the other factors and make things happen.
B
have historically been successful.
C
can overcome scarcity by making new choices.
D
are motivated by the desire to make a profit.
7) What “invisible hand” regulates the free market economy?
A
competition between firms
B
competition and self-interest
C
specialization
D
incentive and efficiency
8) Scarcity requires people to make choices. Why?
A
Services are easier to get than goods.
B
Producers rarely make enough of a good.
C
There are not enough resources to make everything we want.
D
People have more wants than needs.
9) What is one advantage of a centrally planned economy?
A
high levels of consumer satisfaction
B
quick adjustment to changing conditions
C
low unemployment due to guaranteed jobs
D
incentives for workers have new ideas
10) The ways in which factors of production are combined determines the answer to which economic question?
A
What will be produced?
B
How will goods be produced?
C
Who will consume goods?
D
How can we provide a safety net?
*select an answer for all questions
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