ECON - Unit 1A Question Preview (ID: 61885)


SSEF1 - SSEF4. TEACHERS: click here for quick copy question ID numbers.

All governments have:
a) economic goals for its society
b) are unconcerned with economic goals for its citizens
c) ###
d) ####

Public goods are generated from:
a) tax dollars
b) tariffs
c) loans from friendly nations
d) donations from large corporations

Deeds, business licenses, and copyrights are all examples of:
a) property rights
b) public goods
c) incentives
d) externalities

Market power exists when:
a) one company or a few companies dominate a market
b) individual citizens make all economic choices
c) there is a low amount of scarcity
d) resources are fairly allocated

Productivity is the ratio of:
a) inputs to outputs
b) positive incentives to negative incentives
c) scarcity to shortages
d) command economies to market economies

When voluntary trade occurs:
a) both parties believe they will be better off
b) one party has the advantage
c) ###
d) ####

What is the economic term for the basic condition that exists when unlimited wants are greater than the limited productive resources?
a) scarcity
b) opportunity cost
c) an incentive
d) a rational decision

Price, force, and first-come first-served... are examples of:
a) resource allocation
b) incentives
c) rational decisions
d) opportunity costs

Studying for a test instead of going to a party... is an example of:
a) opportunity cost
b) scarcity
c) a mixed economy
d) a public good

Decisions are considered rational if the marginal benefit is:
a) greater than the marginal cost
b) less than the marginal cost
c) equal to the marginal cost
d) ####

Economists believe that individuals, governments, and businesses respond to incentives in:
a) predictable ways
b) random ways
c) irrational ways
d) ####

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