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Economics Final Review

Quiz by Mark Stegall

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60 questions
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  • Q1
    Which of the following determines how prices are established in a free enterprise system?
    decree or rule of the government
    sonsumers and labor unions
    businesses which produce and sell products
    interaction of supply and demand
  • Q2
    Mary does not like to make choices. She like to be told what is expected of her. She really does not like it when others have more than she has. She thinks everyone should be rewarded equally. People with values like Mary's are happiest living in and maintaining which type of economic system?
    free enterprise
  • Q3
    Which of the following is the BEST title for the graphic organizer above?
    Question Image
    Characteristics of Sole Proprietorships
    Characteristics of a Partnership
    Characteristics of Free Enterprise
    Characteristics of Corporations
  • Q4
    How does a corporation raise capital?
    sale of products
    selling stock
  • Q5
    The Nifty Toy Company has decided to incorporate and sell stock in its corporation. Which of the following with this action accomplish?
    Selling stocks will lower consumer interest in the toys.
    Selling stock will put the corporation on the road to bankruptcy
    Selling stocks will raise money enabling the corporation to grow
    Selling stocks will raise expectations for more electronic toys
  • Q6
    Andrew values where he lives. He likes to make decisions about his job and his ability to acquire wealth. He also wants to be the one to decide what producers would produce and what he is able to purchase. In which type of economy does Andrew live?
    Free enterpruse
  • Q7
    All of the following are benefits of the US free enterprise system EXCEPT
    responsive prices
    investment opportunities
    freedom of consumers
    absence of laws
  • Q8
    May applies for an after school job at a department store which is the supplier of labor in the _____________ market. Her salary will be a __________ to the business and a(n) _____________ to her household. Mary decides to spend some of her salary on clothing at the mall. Her purchase of goods in the ___________ market is a revenue to a business and _________ spending for a household.
  • Q9
    Our _______ are limited, yet our wants and needs are _______. We have to weigh all ______.
  • Q10
    Which type of economic system was created under Mao Zedong?
    Question Image
    free enterprise
  • Q11
    In the scenario above, China increased its economic development and moved closer to which of the following
    Question Image
    business economy
    communist economy
    free enterprise economy
    socialist economy
  • Q12
    With regard to food and clothing in the production-possibilities curve above, what does point B represent
    Question Image
    a combination that is impossible for this country to attain under current conditions
    a combination that can be attained only if a technological advance occurs
    a combination that can be attained only if all resources are used
    a combination that can be attained without using all the country's resources
  • Q13
    Comparative advantage : ______ :: absolute advantage : _____.
    more sales ... lower sales
    lower opportunity cost ... more production
    lower sales ... more sales
    more production ... lower opportunity cost
  • Q14
    Stong dollar : _________ imports :: weak dollar : _______ exports
    decreased ... increased
    increased ... decreased
    increased ... increased
    decreased ... decreased
  • Q15
    _________ distribution of resources among nations leads countries to _______ in products that require the use of their available resources. Countries may then ______ with other countries for the products that they cannot produce.

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