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


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

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) ####

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) ####

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