Economics Unit 1 and 3 Test
Quiz by Mark Stegall
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30 questions
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- Q1In the US a free enterprise system, which of the following is the reason we work, saved and invest?Consumer SovereigntySocial SecurityVoluntary exchangePrivate property ownership30s
- Q2Which form of economic system has the government control all factors of production, determine the answers to all economic questions and delves out resources equally?TradtionalCommunistSocialistCapitalist30s
- Q3Which of the following is NOT an example of opportunity costs.Getting a manicure instead of having a hair cutTaking a vacation instead of fixing a leaking roofPaying rent instead of going to a concertBuying a cake mis at the store to fix for dinner30s
- Q4Opponents of free trade agreements argue that these agreements adversely affect which group of people?Multi-national corporationsConsumersWorkersShareholders30s
- Q5If the American dollar depreciates against a foreign currency, the dollar __________ purchasing power, making foreign goods ___________ expensive at home.Stabilizes, lessStabilizes, moreLoses, moreGains, less30s
- Q6Which of the following is a major disadvantage of a free enterprise system?The ability to make your own economic decisions.Uneven economic growthThe government making all major economic decisionsAn equal distribution of goods and services30s
- Q7Jimmy has saved up money during the summer working at his dad's auto body shop. He now had enough money to either buy a motorcycle or take trip to Italy for a month. Jimmy decides on the motorcycle. What is it called when an alternative is chosen by giving up another?The right to chooseTrade-offsRight to safetyProductivity30s
- Q8The World Trade Organization (WTO) is an international agency thatSettles trade disputes between governmentsAdministers trade agreements, offers technology and training for developing countriesAll choices are correctOrganizes trade negotiations30s
- Q9Our _________ are limited, yet our wants are _________. We have to weigh all ___________.Opportunities....limited...resourcesResources...unlimited...opportunitiesResources...undefined...salesOpportunities...short...possibilites30s
- Q10All of the following are the three basic economic questions EXCEPT forWhat to produceWhen to produceFor whom to produceHow to produce30s
- Q11With regard to food and clothing in the production-possibilities curve above, what does point E represent?Combination food and clothing that can be reached only if a technological advance occursA combination of food and clothing that is impossible for this country to reach under current conditionsA combination that can be reached without using all of the country's resourcesA combination of food and clothing that can be reached only if all resources are used30s
- Q12Using the PPC model when can Point F be reached?Introducing new technologiesUsing all resources available todayNot using all available resourcesRequiring workers concentrate on their work30s
- Q13Victoria wants to leave her current job at a retail store to become an accountant. She saves up her money and goes to college to earn her accounting degree. Once she completes her degree, Victoria has in creased what in order to have chance to get a better paying job?Her landHer human capitalHer laborHer opportunity cost30s
- Q14In international trade, comparative advantage is measured inThe difference between money paid and money received in tradeThe country's ability to produce more of a good or service than another countryA country's foreign exchange marketThe efficiency (or lowest opportunity cost) of a country to produce goods and services30s
- Q15Which of the following accounts for why countries specialize in particular trade products?Variety in the types of economic systems.Variation in the size of marketsGovernment regulationsUnequal distribution of resources30s
