Economics Ch. 1-3 A Question Preview (ID: 35239)


Econ 1-3. TEACHERS: click here for quick copy question ID numbers.

What is one advantage of a centrally planned economy?
a) low unemployment due to guaranteed jobs
b) high levels of consumer satisfaction
c) quick adjustment to changing conditions
d) incentives for workers have new ideas

The ways in which factors of production are combined determines the answer to which economic question?
a) What will be produced?
b) How will goods be produced?
c) Who will consume goods?
d) How can we provide a safety net?

Scarcity requires people to make choices. Why?
a) People have more wants than needs.
b) There are not enough resources to make everything we want.
c) Services are easier to get than goods.
d) Producers rarely make enough of a good.

What “invisible hand” regulates the free market economy?
a) incentive and efficiency
b) specialization
c) competition between firms
d) competition and self-interest

Jean-Baptiste Say argued that entrepreneurs should be called the fourth factor of production because they
a) organize the other factors and make things happen.
b) are motivated by the desire to make a profit.
c) have historically been successful.
d) can overcome scarcity by making new choices.

Policymakers pursue all of the following goals to stabilize the economy except
a) high unemployment.
b) stable productivity.
c) stable prices.
d) steady growth.

Which of the following philosophers argued that a free market would regulate itself with little government involvement?
a) Karl Marx
b) Adam Smith
c) Vladimir Lenin
d) Friedrich Engels

A nation’s automakers install new robotic machinery to build cars. As a result, cars take only a day to make, and the factories can produce many more cars than before. This is an example of growth caused by
a) natural resources.
b) labor.
c) technology.
d) production possibility curves.

Which of these terms could you use in place of the phrase “human capital”?
a) equipment
b) buildings
c) tools
d) skills

Improved technology helps create a higher standard of living for future generations by
a) preventing drastic shifts in general price levels.
b) creating specialized jobs for workers.
c) reducing the number of unemployed workers
d) providing additional goods and services.

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