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