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