Fundamental Concepts Review: Question Preview (ID: 31044)

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A headline reads: Consumers demand new cell phones with greater functionality. What basic economic question is being addressed in this headline?
a) what to produce
b) for whom to produce
c) how to produce
d) when to produce

The payments for land, labor, capital, and entrepreneurial ability respectively are
a) rent, profit, wages, and interest
b) profits, wages, interest, and rent
c) rent, wages, interest, and profit
d) wages, rent, profit, and interest

In Georgia, the Public Service Commission regulates the rates charged to customers by GA Power to ensure:
a) GA Power gets enough money to make a profit.
b) GA Power does not profit from the sale of electricity in Georgia.
c) Consumers are protected from sharp price increases by a monopoly
d) Consumers are protected from power plant pollution.

When a country’s businesses invest heavily in new capital goods and new technology, which of the following is most likely to occur?
a) supply and demand.
b) economic growth.
c) opportunity costs.
d) economic freedom

When the U.S. government purchases a submarine from a company, the government has made a major transaction in the
a) factor market
b) public market
c) product market
d) foreign exchange market

When governments tax polluting companies and subsidize college education, they are serving the role of
a) protecting property rights.
b) resolving market failures.
c) redistributing income.
d) providing public goods.

With which term is a command economic system MOST closely associated?
a) governmental regulation
b) entrepreneurship
c) perfect competition
d) absolute advantage

An assembly line can increase a factory’s productivity because it allows workers to
a) diversify their skills
b) focus on a specific task
c) put in overtime hours on the job
d) use a wide range of knowledge

Which of the following is an example of an investment in human capital?
a) A company builds a new factory.
b) A state puts in a new highway.
c) A business trains a new employee.
d) A country builds new bridges.

The fundamental problem of economics is:
a) to establish an equitable system of personal and business taxation.
b) to establish a democratic political framework for the provision of social goods and services.
c) the scarcity of factors of production relative to the unlimited wants of humans.
d) to achieve a more equitable distribution of money income in order to mitigate poverty.

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