ECON - Unit 1C Question Preview (ID: 61887)


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

Setting economic goals:
a) is crucial for a country's government
b) is irrelevant for a country's government
c) ###
d) ####

Social Security and unemployment benefits are two examples of:
a) income redistribution
b) public goods
c) negative externalities
d) market power

Not getting sick since others are vaccinated... is an example of:
a) a positive externality
b) a negative externality
c) ###
d) ####

An economic system works well when there is:
a) trust between the consumers and producers
b) a lack of trust between the consumers and producers
c) ###
d) ####

When countries utilize specialization:
a) productivity increases
b) productivity decreases
c) productivity remains dormant
d) #####

All economic questions are answered by the central government in:
a) a command economy
b) a market economy
c) a mixed economy
d) a traditional economy

A shortage occurs when:
a) a resource is temporarily unavailable
b) there is a natural limitation on a resource
c) ###
d) ####

When making a decision, the next best alternative is called:
a) the opportunity cost
b) an incentive
c) an externality
d) productivity

An additional amount of effort, expense, or time incurred from undertaking an action... is called:
a) the marginal cost
b) the marginal benefit
c) ###
d) ####

Avoiding an action because the cost is too high... is known as:
a) a negative externality
b) a positive externality
c) ###
d) ####

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