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Econ- Chapter 1 And 2
Test Description: Intro.
Instructions: Answer all questions to get your test result.
1) The value of the next best alternative that has to be given up for the action that is chosen is the:
A
Trade-off
B
Productivity
C
Factors of production
D
Opportunity Cost
2) A production possibilities curve helps determine:
A
Factors of production
B
The maximum combinations of goods and services that can be produced in a given time
C
All the opportunity costs and trade-offs that a business will face during a year
D
Cost of production
3) It is easier to start your own business in a:
A
Controlled Economy
B
Traditional Economy
C
Free enterprise system
D
Command Economy
4) A major characteristic of a pure market economy is:
A
strong government planning
B
Unrestricted competition
C
Oversupply of labor
D
Regulated Prices
5) Pure socialism is characterized by:
A
A complete absence of government
B
Individual ownership of the factors of production and economic freedom
C
Centralized economic planning and state ownership of the factors of production
D
Decision making based on traditions and customs
6) Another term for a market economy is a:
A
Free enterprise system
B
Democratic system
C
Command Economy
D
Mixed Economy
7) A free-enterprise system is one in which:
A
Government interference in the economy is minimal
B
Government controls the factors of production
C
There are no government restrictions
D
Government purchases goods and services from consumers
8) A disadvantage of a pure market economy is:
A
The lack of choices among consumer goods
B
The amount of government control
C
Concern for those unable to work and pay for goods and services
D
The lack of incentive to work hard
9) Using resources wisely so that people are better off economically is referred to as:
A
Economic efficiency
B
Standard of Living
C
Opportunity cost
D
Economic growth
10) As an economic term, land refers to:
A
Knowledge
B
Natural Resources
C
Machinery
D
Work people do
11) The amount of military goods given up in a year is the opportunity cost for producing:
A
A balanced budget
B
More civilian goods
C
A production possibilities curve
D
More weapons
12) All economic systems:
A
Produce the same goods
B
Distribute products through majority rule
C
Have the same resources
D
Must answer the same three basic questions
13) Almost all economic systems today are:
A
Command Economies
B
Mixed Economies
C
Market Economies
D
Traditional Economies
14) In a command economy, the factors of production are decided by:
A
Economists
B
Communities
C
Individuals
D
Government Leaders
15) One advantage of a traditional economy is:
A
The incentive to work hard
B
You know what is expected of you
C
The opportunities for wealth
D
Consumer choices
16) Which of the following describes a free-enterprise system?
A
Businesses cannot make a profit
B
Individuals are free to own and control the factors of production
C
There are no legal restrictions on freedom of enterprise
D
Government owns and controls the factors of production
17) Who owns the factors of production and makes economic decisions in a market economy?
A
Traditional economies
B
Command economies
C
Mixed economies
D
Individuals
18) The goal of economic stability is to reduce extreme ups and down in the:
A
Factors of Production
B
Nation's economy
C
Standard of Living
D
Minimum wage
19) Which of the following is a characteristic of capitalism?
A
Marketplace efficiency
B
State owns the major factors of production
C
Little incentive for business risk
D
Centralized planning
20) Which of the following is a characteristic of pure socialism?
A
Most prices are set by the state
B
Most prices are determined by supply and demand
C
Private property rights are enforced by the government
D
Those who take business risks may make high profits
*select an answer for all questions
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