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ECON - Unit 1A
Test Description: SSEF1 - SSEF4
Instructions: Answer all questions to get your test result.
1) What is the economic term for the basic condition that exists when unlimited wants are greater than the limited productive resources?
A
an incentive
B
a rational decision
C
opportunity cost
D
scarcity
2) Price, force, and first-come first-served... are examples of:
A
resource allocation
B
incentives
C
rational decisions
D
opportunity costs
3) Studying for a test instead of going to a party... is an example of:
A
opportunity cost
B
a public good
C
scarcity
D
a mixed economy
4) Decisions are considered rational if the marginal benefit is:
A
equal to the marginal cost
B
greater than the marginal cost
C
less than the marginal cost
D
####
5) Economists believe that individuals, governments, and businesses respond to incentives in:
A
####
B
random ways
C
predictable ways
D
irrational ways
6) All governments have:
A
####
B
are unconcerned with economic goals for its citizens
C
economic goals for its society
D
###
7) Public goods are generated from:
A
tax dollars
B
donations from large corporations
C
tariffs
D
loans from friendly nations
8) Deeds, business licenses, and copyrights are all examples of:
A
incentives
B
externalities
C
property rights
D
public goods
9) Market power exists when:
A
individual citizens make all economic choices
B
resources are fairly allocated
C
there is a low amount of scarcity
D
one company or a few companies dominate a market
10) Productivity is the ratio of:
A
scarcity to shortages
B
inputs to outputs
C
command economies to market economies
D
positive incentives to negative incentives
11) When voluntary trade occurs:
A
one party has the advantage
B
###
C
both parties believe they will be better off
D
####
*select an answer for all questions
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