Economics Final Exam 2022
Quiz by Tammy Horne
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44 questions
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- Q1Which 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
- Q2In the production of chocolate chip cookies, which represents the factor of capital?the oven used to bake the cookiesthe worker who decorates the cookiesthe retailer who sells the cookiesthe dough used to bake the cookies30s
- Q3Opportunity cost is best described as themonetary value of all alternatives forgone when a choice is madesum of all production costsmost expensive resource used in productionvalue of the best alternative forgone when a choice is made30s
- Q4Which statement is true about the graphic ?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
- Q5On the graph above, shifting production from 10 lbs of cheese to 20 lbs of cheese means an opportunity cost of10 pounds of cheese.7 gallons of milk.20 pounds of cheese.1 gallon of milk.30s
- Q6If this country decides to produce 40 pounds of cheese, what is their opportunity cost?6 gallons of milk8 gallons of milk20 pounds of cheese40 pounds of cheese30s
- Q7Alex 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 ifAlex washes cars while Dylan changes oilAlex 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
- Q8Which of the following is NOT one of the three basic economic questions that must be answered in an economy?For Whom to produceWhat to produceHow to produceWhen to produce30s
- Q9Competition and free enterprise are most common in which type of economic system?traditionalmarketplannedcommunist30s
- Q10Which type of economic system is MOST likely to experience high amounts of government regulation and low amounts or private ownership?traditionalmarketinternationalcommand30s
- Q11What are governments MOST LIKELY attempting to do when they increase unemployment benefits, implement more welfare programs, and rearrange tax brackets?invest in technologyredistribute incomeprotect property rightsresolve market failures30s
- Q12Copyrights, trademarks, and patents are all ways governments try to serve which role?protecting property rightsproviding public goods and servicesresolving market failuresredistributing income30s
- Q13Investing heavily in new capital equipment and technology is MOST related tosupply and demand.opportunity costs.economic freedom.economic growth.30s
- Q14Which 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 marketBusinesses and households are not components of the circular flow diagram.30s
- Q15The SOLID arrows on this circular flow diagram represent the flow ofmoney.taxes.goods and services.imports and exports.30s
