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Economics Final Exam 2022

Quiz by Tammy Horne

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44 questions
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  • Q1
    Which describes scarcity?
    A condition where supply exceeds demand.
    An unlimited demand for goods and services.
    The situation that exists when there is temporarily a shortage of a good or service.
    Unlimited wants exceeding limited resources.
    30s
  • Q2
    In the production of chocolate chip cookies, which represents the factor of capital?
    the oven used to bake the cookies
    the worker who decorates the cookies
    the retailer who sells the cookies
    the dough used to bake the cookies
    30s
  • Q3
    Opportunity cost is best described as the
    monetary value of all alternatives forgone when a choice is made
    sum of all production costs
    most expensive resource used in production
    value of the best alternative forgone when a choice is made
    30s
  • Q4
    Which statement is true about the graphic ?
    Question Image
    Moving from point X to point Y incurs an opportunity cost of guns.
    This country does not have to give up any guns to produce more butter.
    At point X, this country is producing more butter than guns.
    Moving from point X to point Y incurs and opportunity cost of butter.
    30s
  • Q5
    On the graph above, shifting production from 10 lbs of cheese to 20 lbs of cheese means an opportunity cost of
    Question Image
    10 pounds of cheese.
    7 gallons of milk.
    20 pounds of cheese.
    1 gallon of milk.
    30s
  • Q6
    If this country decides to produce 40 pounds of cheese, what is their opportunity cost?
    Question Image
    6 gallons of milk
    8 gallons of milk
    20 pounds of cheese
    40 pounds of cheese
    30s
  • Q7
    Alex and Dylan both wash cars and change oil. Currently, each man washes and changes oil by himself, but the process takes a long time. They would MOST LIKELY improve their efficiency if
    Alex washes cars while Dylan changes oil
    Alex washes Dylan’s car while Dylan washes Alex's car.
    Alex and Dylan wash a car and change the oil together.
    Alex and Dylan reduce the number of cars they wash.
    30s
  • Q8
    Which of the following is NOT one of the three basic economic questions that must be answered in an economy?
    For Whom to produce
    What to produce
    How to produce
    When to produce
    30s
  • Q9
    Competition and free enterprise are most common in which type of economic system?
    traditional
    market
    planned
    communist
    30s
  • Q10
    Which type of economic system is MOST likely to experience high amounts of government regulation and low amounts or private ownership?
    traditional
    market
    international
    command
    30s
  • Q11
    What are governments MOST LIKELY attempting to do when they increase unemployment benefits, implement more welfare programs, and rearrange tax brackets?
    invest in technology
    redistribute income
    protect property rights
    resolve market failures
    30s
  • Q12
    Copyrights, trademarks, and patents are all ways governments try to serve which role?
    protecting property rights
    providing public goods and services
    resolving market failures
    redistributing income
    30s
  • Q13
    Investing heavily in new capital equipment and technology is MOST related to
    supply and demand.
    opportunity costs.
    economic freedom.
    economic growth.
    30s
  • Q14
    Which statement is true about the circular flow diagram?
    Business are demanders in the product market and suppliers in the factor market.
    Households are demanders in the factor market and suppliers in the product market.
    Households are demanders in the product market and suppliers in the factor market
    Businesses and households are not components of the circular flow diagram.
    30s
  • Q15
    The SOLID arrows on this circular flow diagram represent the flow of
    Question Image
    money.
    taxes.
    goods and services.
    imports and exports.
    30s

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