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Mock Milestone III

Quiz by Jason Tircuit

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16 questions
Show answers
  • Q1
    Shay owns and operates a hamburger company where she uses the following items on a regular basis: • wheat buns • meat • lettuce • onions • potatoes Based SOLELY on this information, which statement is correct?
    Owning a hamburger company is very capital-intensive.
    carcity does not affect Shay because she has all the ingredients she needs.
    The hamburger company relies heavily on natural resources.
    Shay is not an entrepreneur because she only uses one resource.
    30s
  • Q2
    How does the concept of scarcity relate to the Federal budget process?
    limited tax revenue must meet unlimited wants and needs
    the government avoids scarcity by printing money
    all government decisions are made based on marginal costs and benefits
    governments must use exchange rates when dealing with foreign policy
    30s
  • Q3
    Which economic situation is characterized by unlimited wants exceeding limited resources?
    surplus
    specialization
    scarcity
    shortage
    30s
  • Q4
    Which describes scarcity?
    A condition where supply exceeds demand.
    Unlimited wants exceeding limited resources.
    An unlimited demand for goods and services.
    The situation that exists when there is temporarily a shortage of a good or service.
    30s
  • Q5
    In the production of chocolate chip cookies, which represents the factor of capital?
    the dough used to bake the cookies
    the retailer who sells the cookies
    the worker who decorates the cookies
    the oven used to bake the cookies
    30s
  • Q6
    Which is a human resource that Ms. Johnson could use for her art gallery?
    A security system to protect the artwork
    A series of paintings by a prominent local artist
    Light fixtures to help display the artwork
    Knowledge of trends in modern art
    30s
  • Q7
    Opportunity costs is MOST RELATED which concept? A price floors B scarcity C elasticity D absolute advantage
    p
    30s
  • Q8
    Opportunity cost is best described as the
    value of the best alternative forgone when a choice is made
    sum of all production costs
    most expensive resource used in production
    monetary value of all alternatives forgone when a choice is made
    30s
  • Q9
    Which describes a method for allocating scarce resources?
    A group of stores get together to decide on the price of a good.
    The Government of a country decides what to produce and for whom it will be produced.
    The FED announces recent economic data concerning the business cycle.
    Businesses begin a new advertising campaign.
    30s
  • Q10
    Lotteries, markets, barter, rationing, and redistribution of income are all methods commonly used to
    collect taxes.
    allocate scarce resources.
    improve productivity.
    invest in education and technology.
    30s
  • Q11
    If Jim chooses job A, he will receive $50,000 a year, full benefits and 2 weeks of paid vacation. If he chooses job B he will receive $60,000 a year, full benefits and no paid vacation. Assuming Jim chooses job B, which statement is correct.
    Jim's opportunity cost is only the $50,000 he could have gotten at the other job.
    Jim's opportunity cost is everything he is gaining at job B.
    Jim's opportunity cost is everything he gave up at job A.
    Jim has incurred no opportunity cost because the jobs were completely different.
    30s
  • Q12
    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.
    1 gallon of milk.
    7 gallons of milk.
    20 pounds of cheese.
    30s
  • Q13
    In economics, rational decisions occur when
    command economies answer the three basic economic questions.
    marginal benefits of an action equal or exceed the marginal costs.
    suppliers lower their prices to increase demand.
    a budget is used for spending and saving decisions.
    30s
  • Q14
    Which should ALWAYS be considered when making rational decisions?
    how many opportunity costs there are
    marginal benefits and marginal costs
    whether to use fiscal or monetary policy
    the real dollar amounts of the items
    30s
  • Q15
    In college people can major in a wide variety of fields including medicine, journalism, business, and design among others. This is an example of the concept of
    elastic demand
    scarcity
    specialization
    progressive taxation
    30s

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