Econ Benchmark Review Question Preview (ID: 48155)


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The inability to satisfy all wants and needs is called
a) opportunity cost
b) scarcity
c) resource
d) capital

What is the opportunity cost if you watch a movie instead of studying?
a)
b) the movie
c) the time studying
d)

Central Planning. No Choice. North Korea.
a) Traditional
b) Free Market
c) Mixed Economy
d) Command

Power of the buyer. What we want businesses will provide for us.
a) consumer sovereignty
b) customer power
c) consumer
d) the opportunity cost

In economic flow...who earns income, invest, and buy goods and services?
a) individuals
b) businesses
c) government
d)

What does the government provide people and businesses with tax revenue?
a) private goods
b) public goods
c) stuff
d) supplies

Which is NOT a public good or service?
a) post office/mail
b) military
c) highways
d) Wal Mart

Why did the government pass anti-trust laws to ban monopolies?
a) to prevent competition
b) to promote competition
c) for the fun of it
d) IDK

If the FED lowers interest rates...what will happen to the economy?
a) it will crash
b) it will slow down
c) it will speed up or be stimulated
d) IDK

What will happen if the FED raises taxes?
a) the economy will speed up
b) The FED has nothing to do with taxes
c) the economy will slow down
d) the economy will stay the same

The first step of career planning is to take a-
a) math test
b) some kind of assessment
c) civics test
d) self assessment

Which government agency would fine a company for trying to become a monopoly?
a) FTC
b) EPA
c) SEC
d) OSHA

Which government agency would would fine a company for illegally dumping garbage in a lake?
a) SEC
b) EPA
c) OSHA
d) FTC

If you are harmed by a product you can-
a) take illegal action
b) take legal action
c) call the cops
d) do nothing

What will lower the cost of production?
a) technology
b) money
c) resources
d) capital

What does NOT influence income?
a) the supply and demand for the job
b) your education
c) your skills
d) your boss

Supply and Demand determines-
a) resources
b) price
c) economic systems
d) regulations

Businesses, government and people make the decisions for which econ system?
a) traditional
b) command
c) free market
d) mixed

Farming, hunting, customs, doing what your parents and grandparents did
a) traditional
b) free market
c) mixed
d) command

OSHA is a government agency that would investigate-
a) a workplace to make sure it's safe
b) a bank
c) roads and highways
d) a workplace polluting

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