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ECON - Unit 1C
Test Description: SSEF1 - SSEF4
Instructions: Answer all questions to get your test result.
1) A shortage occurs when:
A
there is a natural limitation on a resource
B
###
C
####
D
a resource is temporarily unavailable
2) When making a decision, the next best alternative is called:
A
productivity
B
the opportunity cost
C
an externality
D
an incentive
3) An additional amount of effort, expense, or time incurred from undertaking an action... is called:
A
the marginal cost
B
the marginal benefit
C
####
D
###
4) Avoiding an action because the cost is too high... is known as:
A
####
B
a positive externality
C
###
D
a negative externality
5) All economic questions are answered by the central government in:
A
a mixed economy
B
a market economy
C
a traditional economy
D
a command economy
6) Setting economic goals:
A
is irrelevant for a country's government
B
###
C
is crucial for a country's government
D
####
7) Social Security and unemployment benefits are two examples of:
A
negative externalities
B
market power
C
public goods
D
income redistribution
8) Not getting sick since others are vaccinated... is an example of:
A
####
B
###
C
a positive externality
D
a negative externality
9) An economic system works well when there is:
A
a lack of trust between the consumers and producers
B
####
C
###
D
trust between the consumers and producers
10) When countries utilize specialization:
A
productivity decreases
B
#####
C
productivity remains dormant
D
productivity increases
*select an answer for all questions
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