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Econ Benchmark Review
Test Description: Review
Instructions: Answer all questions to get your test result.
1) The inability to satisfy all wants and needs is called
A
resource
B
scarcity
C
capital
D
opportunity cost
2) What is the opportunity cost if you watch a movie instead of studying?
A
the time studying
B
the movie
3) Central Planning. No Choice. North Korea.
A
Free Market
B
Traditional
C
Command
D
Mixed Economy
4) Power of the buyer. What we want businesses will provide for us.
A
consumer
B
the opportunity cost
C
customer power
D
consumer sovereignty
5) In economic flow...who earns income, invest, and buy goods and services?
A
businesses
B
government
C
individuals
6) What does the government provide people and businesses with tax revenue?
A
public goods
B
stuff
C
supplies
D
private goods
7) Which is NOT a public good or service?
A
Wal Mart
B
military
C
post office/mail
D
highways
8) Why did the government pass anti-trust laws to ban monopolies?
A
to prevent competition
B
to promote competition
C
IDK
D
for the fun of it
9) If the FED lowers interest rates...what will happen to the economy?
A
it will speed up or be stimulated
B
IDK
C
it will slow down
D
it will crash
10) What will happen if the FED raises taxes?
A
the economy will speed up
B
The FED has nothing to do with taxes
C
the economy will slow down
D
the economy will stay the same
11) The first step of career planning is to take a-
A
self assessment
B
civics test
C
some kind of assessment
D
math test
12) Which government agency would fine a company for trying to become a monopoly?
A
SEC
B
OSHA
C
EPA
D
FTC
13) Which government agency would would fine a company for illegally dumping garbage in a lake?
A
EPA
B
SEC
C
FTC
D
OSHA
14) If you are harmed by a product you can-
A
do nothing
B
call the cops
C
take legal action
D
take illegal action
15) What will lower the cost of production?
A
technology
B
money
C
resources
D
capital
16) What does NOT influence income?
A
your education
B
your boss
C
your skills
D
the supply and demand for the job
17) Supply and Demand determines-
A
economic systems
B
regulations
C
resources
D
price
18) Businesses, government and people make the decisions for which econ system?
A
traditional
B
free market
C
command
D
mixed
19) Farming, hunting, customs, doing what your parents and grandparents did
A
mixed
B
command
C
traditional
D
free market
20) OSHA is a government agency that would investigate-
A
a bank
B
a workplace polluting
C
a workplace to make sure it's safe
D
roads and highways
*select an answer for all questions
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