Economics Ch. 1-3 B Question Preview (ID: 35240)
Economics 1-3.
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Which of the following describes a centrally planned economy?
a) The central government follows laissez-faire policies.
b) The central government makes all economic decisions.
c) The central government lets factories set their own goals.
d) The central government lets the market set wages for jobs.
In a free enterprise system, how do consumers most often express their desires to businesses?
a) e-mailing or texting the companies
b) protesting and boycotting products
c) buying or not buying products
d) hiring lobbyists to speak for them
A production possibilities curve shows the relationship between the production of
a) farm goods and factory goods.
b) two types of farm goods.
c) two types of factory goods.
d) any two categories of goods.
Why does the U.S. government intervene in the economy?
a) to compete with private firms
b) to limit foreign trade
c) to promote the general welfare
d) to restrict the banking industry
How can specialization benefit an economy?
a) It stops unemployment.
b) It makes production more efficient.
c) It leads to competition.
d) It makes labor easier to control.
Making a decision at the margin is possible only in situations where
a) the available opportunity costs are unclear or complicated.
b) the available alternatives can be divided into increments.
c) there are more than three different types of alternatives to consider.
d) there are differences in the amount of time each alternative will consume.
What are the government’s three goals as it tries to promote economic strength?
a) technological advancement, competition, and productivity
b) high employment, growth, and stability
c) public disclosure, regulation, and the public interest
d) legal equality, patriotism, and profits
Which of the following is the best example of a public good?
a) highway system
b) shopping mall
c) country club
d) movie theater
Which of the following is handled by individuals instead of government in a free market economy?
a) national defense
b) public education
c) investment options
d) mass transit
Which of the following might be a positive aspect of centrally planned economies?
a) low unemployment due to guaranteed jobs
b) high levels of consumer satisfaction
c) quick adjustment to changing conditions
d) incentives for workers to be innovative
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