PBM Module 1 Test: Economic Decisions and Systems
Quiz by Pa'Trice Day Owens
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25 questions
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- Q1Resources are unlimited.FalseTrue60sEditDelete
- Q2Within reason, needs and wants are limited.FalseTrue60sEditDelete
- Q3Goods are considered to be __________ and services are __________.Tangible, intangibleexpensive, inexpensivelimited, unlimitedneeds, wants60sEditDelete
- Q4The decision-making process is best to use when...groups rather than individuals are making a choiceyou already know the choice you will makeYou don't have enough money to pay for any of the choicesYou have adequate time to identify and analyze several choices60sEditDelete
- Q5John has two hours before his part-time job. He has to either study for a maths test or taking a nap. If John takes a nap, the opportunity cost is....the score on the math testthe wages from his joball of the abovethe rest he is getting60sEditDelete
- Q6During the decision-making process and your choice is made you must nextidentify choicesreview your decisionact on your choice60sEditDelete
- Q7Scarcity can be defined asnone of the abovea resource being too raretoo many resoucesNot having enough resources to meet all needs60sEditDelete
- Q8Opportunity cost can be defined asthe price you pay for goods and servicesthe value of the next best alternative that you did not choosethe cost of producing a good or service60sEditDelete
- Q9If I am a self-employed and I decide to take a day off to go hunting my opportunity cost would betrade offIncome lost by not workingquality decisionDinner with the family60sEditDelete
- Q10Which of the following economic systems is the governments role most limitedmarkettraditionalmixedcommunism60sEditDelete
- Q11The primary reason business owners make investments and take risks tosatisfy customer needsmake a profitdevelop new products60sEditDelete
- Q12The money left over after paying all expenses is called profit.truefalse60sEditDelete
- Q13Competition helps lower pricestruefalse60sEditDelete
- Q14In a __________ economy, the government controls everything.none of the abovecommandtradtionalmarket60sEditDelete
- Q15The three economic questions that every type of economy is: What goods and services are to be produced; How will goods and services be produced; andWho will receive the goods and services fulling needs and wantsWhat will the price be for the goods and servicesNo one cares about goods and servicesHow much will be goods and services cost to be produced60sEditDelete
- Q16Supply is the quantity of a good or a service that a consumer is willing and able to buy at a particular price.truefalse60sEditDelete
- Q17As competition increases, prices usuallyincreasedon't changedecrease60sEditDelete
- Q18A consumer is a person who buys goods and services.truefalse60sEditDelete
- Q19Market price is where supply equals demandtruefalse60sEditDelete
- Q20In a market economy, demand is set byconsumersthe stock marketgovernmentnone of the above60sEditDelete