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Economics Review #1

Quiz by Thomas Calder

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11 questions
Show answers
  • Q1
    Private financial institutions encourage saving and investing by ____________ on deposits.
    raising fees
    paying interest
    charging fees
    charging interest
    30s
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    Delete
  • Q2
    The diagram above represents the Economic Flow of Money. After analyzing it, locate the "#2" in the diagram. Which of the following terms best replaces "#2"?
    Question Image
    products (goods & services)
    income
    public goods
    resources
    30s
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    Delete
  • Q3
    The diagram above represents the Economic Flow of Money. After analyzing it, locate "#1" in the diagram. Which of the following terms best replaces "#1"?
    Question Image
    profit
    products
    income
    Resources (human)
    30s
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    Delete
  • Q4
    A form of business organization with two or more owners who share the risks and the profits" best defines which type of ownership?
    Entrepreneurship
    Proprietorship
    Partnership
    Corporation
    30s
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  • Q5
    In this economic system people often perform the same type of work as their parents and grandparents.
    free market economy
    mixed economy
    traditional economy
    command economy
    30s
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  • Q6
    Compare and contrast the graphs above. What relationship is shown in these graphs?
    Question Image
    Choice and Competition
    Supply and Choice
    Competition and Trade
    supply and demand
    30s
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  • Q7
    The combining of human, natural, capital, and entrepreneurship resources to make a good or provide a service best describes which of the following terms?
    Production
    Consumption
    Opportunity Cost
    Supply and Demand
    30s
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    Delete
  • Q8
    Which of the following are used to change economic behavior?
    supply and demand
    choices
    incentives
    resources
    30s
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    Delete
  • Q9
    Interaction of supply and demand determines ___________.
    consumption
    price
    production
    choice
    30s
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  • Q10
    ____________________ is what is given up when a choice is made; the highest valued alternative forgone.
    opportunity cost
    incentives
    production
    consumption
    30s
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  • Q11
    Which term is best defined as “the inability to satisfy all wants at the same time?”
    incentive
    scarcity
    price
    supply and demand
    30s
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    Delete

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