Econ Final Questions
Quiz by Micheal Rubosky
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- 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