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Q 1/50
Score 0
The crucial problem of economics is
5
Providing social goods and services
Enacting a set of laws that protects resources from overuse.
Allocating scarce productive resources to satisfy wants
Establishing a fair tax system.
Q 2/50
Score 0
When one decision is made, the next best alternative not selected is called
10
scarcity
Opportunity Cost
production
Comparative advantage
50 questions
Q.
The crucial problem of economics is
1
5 sec
Q.
When one decision is made, the next best alternative not selected is called
2
10 sec
Q.
Which of the following goods would be considered scarce?
I. Education
II. Gold
III. Time
3
10 sec
Q.
Economists are likely to disagree most often over:
4
5 sec
Q.
In which way does a straight-line production possibilities curve differ from a concave production possibilities curve?
5
10 sec
Q.
Which of the following would cause a leftward shift of the production possibilities curve?
6
10 sec
Q.
Which of the following would cause an outward or rightward shift in the production possibilities curve?
7
10 sec
Q.
According to the theory of comparative advantages, a good should be produced when
8
10 sec
Q.
It is most accurate to say
9
10 sec
Q.
Societal attempts to “solve” the economic problem of scarcity have included which of the following
10
10 sec
Q.
According to economists, “self-interest”
11
10 sec
Q.
As a consumer, you decide to go to a movie:
12
10 sec
Q.
Macroeconomics can best be described as the:
13
10 sec
Q.
In economics, the satisfaction received from a product is called:
14
10 sec
Q.
Other things equal, this economy will achieve the most rapid rate of growth if:
15
10 sec
Q.
Which point(s) demonstrates productive efficiency?
16
10 sec
Q.
Which point(s) demonstrate allocative efficiency?
17
10 sec
Q.
The total opportunity cost of moving from combination E to B is?
18
10 sec
Q.
A total output of 3 units of capital goods and 4 units of consumer goods:
19
10 sec
Q.
A production possibilities curve always shows:
20
10 sec
Q.
A significant improvement in technology will:
21
10 sec
Q.
The law of increasing opportunity costs exists because:
22
10 sec
Q.
In economics, how things are produced is proceeded by ______ things are produced.
23
10 sec
Q.
All businesses that sell goods/services require what to produce these goods/services?
24
10 sec
Q.
Capital does not include which of the following examples?
25
10 sec
Q.
What is the monetary opportunity cost of attending college?
26
10 sec
Q.
In economics, what does: "There is no such thing as a free lunch." mean?
27
10 sec
Q.
Copyrights, patents, and public property fall into which of the following important attributes of market economies.
28
10 sec
Q.
An important characteristic of entrepreneurs is that they
29
5 sec
Q.
Which one of the factors of production is definately not displayed?
30
5 sec
Q.
The relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is _____.
31
5 sec
Q.
Which of the following will NOT cause the demand for video games to change?
32
5 sec
Q.
An economist for a bicycle company predicts that a rise in consumer incomes will increase the demand for bicycles. This prediction assumes that:
33
5 sec
Q.
Which of the following statements is correct?
34
5 sec
Q.
A leftward shift of a supply curve might be caused by:
35
5 sec
Q.
Z is an inferior good, a decrease in income will shift the:
36
5 sec
Q.
Which of the following events will cause the demand curve for hamburgers to shift to the right?
37
10 sec
Q.
At price $20, there would be a SURPLUS of…
38
10 sec
Q.
What would be the effect of a price floor at $60
39
10 sec
Q.
Which of the following will NOT change the demand for oranges?
40
10 sec
Q.
If there is an increase in demand for a good, what will most likely happen to the price and quantity of the good exchanged?
41
10 sec
Q.
If hot dogs are an inferior good, an increase in income will result in:
42
10 sec
Q.
An increase in the price of gasoline will cause the demand curve for tires to shift in which direction?
43
10 sec
Q.
Which of the following situations best illustrates the law of demand?
44
10 sec
Q.
The supply curve for automobiles will shift to the left in response to:
45
10 sec
Q.
In a competitive market which off the following shifts in the supply and demand curves will definitely cause both of the equilibrium price and quantity to decrease?
46
10 sec
Q.
Which of the following events will cause the demand curve for hamburgers to shift to the right?
47
10 sec
Q.
Assume that the demand for apples is downward sloping. If the price of apples falls from $.80 per pound to $.65 per pound, which of the following will occur?
48
10 sec
Q.
Which of the following statements about price control is true?
49
10 sec
Q.
A country can consume beyond its present production possibilities curve when it:
