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Econ Final Questions

Quiz by Micheal Rubosky

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29 questions
Show answers
  • Q1

    Which type of economy relies on social customs to answer the economic questions of the nation?

    Mixed Market Economy

    Free Market Economy

    Traditional Economy 

    Command Economy 

    30s
  • Q2

    In addition to the rule of law and protections for property rights, economies require a high level of ______________ to prosper. Rivalry among businesses and free trade across economies create opportunities for individuals with all types of backgrounds to create wealth for themselves and others as they pursue their private interests.

    Shrug

    competition

    scarcity

    land

    30s
  • Q3

    The essential difference between a command economy and a market economy is that in a market economy __________.

    the prices of products and resources are largely determined by government regulation of businesses

    central planning creates an effective incentive system for consumers and producers

    buyers and sellers determine resource allocation

    shortages occur more often than surpluses

    30s
  • Q4

    Which is a basic economic question that must be answered by all economic systems?

    What will be the amount of the minimum wage for workers?

    How will the government collect income taxes?

    What will be the share of profits that go to businesses?

    How will goods and services be produced

    30s
  • Q5

    Which of the following are most likely to improve a company's overall productivity?

    improvements in its trade relations

    higher tax rates on its workers' incomes

    none of the above

    advances in its technology

    30s
  • Q6

    Which the following statements are true about how technology advancement stimulates economic growth?

    More inputs are required to get equal or greater outputs.

    all of the above

    Fewer outputs mean better quality of life for consumers.

    Businesses produce goods and services faster, better, or cheaper.

    30s
  • Q7

    Which of the following best describes economic freedom?

    a consumer’s purchasing power of income

    freedom to trade internationally

     legal, regulatory, and monetary rules and laws that affect the security of property rights

    a person’s ability to control his or her own resources, labor, consumption, production, and property

    30s
  • Q8

    Which of the following factors influence a country’s level of economic freedom?

    cost of food

    amount of personal choice

    cost of land

    size of govt

    30s
  • Q9

    A simple definition of economics is that it is the science of _____.

    time

    knowledge and skills

    treasures

    decision making

    30s
  • Q10

    Which of the following statements is true about investments in physical and human capital?

    They require productivity losses in exchange for reduced upfront costs.

    They reduce employment opportunities and standards of living.

    They create little or no opportunity costs or economic risks for companies.

    They require short-term costs in exchange for improved long-term results.

    30s
  • Q11

    Which of the following is true in comparing the market to the government?

    market participants face scarcity, but government officials do not

    ??????

    market participants respond to incentives; government officials do as well

    market participants face scarcity, but government officials do not

    30s
  • Q12

    Which would most likely increase the productivity of labor?

    decrease in the use of labor-saving technology

    An increase in capital investment.

    An increase in interest rates for business loans.

    A decrease in the pay of corporate executives.

    30s
  • Q13

    Which of the following is an example of the rule of law in economics?

    benefits are based on the size of the company

    all market members follow the same rules

    level of revenue determines which rules have to be obeyed

    the oldest members have more advantages

    30s
  • Q14

    Compared to market economies, command and traditional economy systems generally have __________.

    a higher standard of living among the general population

    fewer privately owned businesses

    a wider variety of choices for consumers

    fewer government regulations and rules to follow

    30s
  • Q15

    A basic role of entrepreneurs in the economy is to __________.

    show government what new products the economy can produce and sell

    take the risks associated with starting new businesses

    A basic role of entrepreneurs in the economy is to __________.

    buy and sell the common stocks of new corporations

    30s

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