econ test

1.

1 point

What is not a type of business

sole proprietorship

partnership

merger

corporations

2.

1 point

What usually happens when quantity goes up?

price is lower

price is higher

demand is lower

demand is higher

3.

1 point

services are products we can buy

True

False

4.

1 point

Which isn't a basic question of economics?

What and how much should be produced?

Why are you producing this item?

How should the goods and services be produced

Who gets the goods/services produced

5.

1 point

what is laizzez-faire economics?

little gov interference

a private good

used goods

a public good

6.

1 point

What will happen if the government feels a product is unsafe?

they will consume it

there will be a shortage

there will be a surplus

they will recall it

7.

1 point

What is NOT a basic principle of economics

People want stuff

Scarcity is what causes us to make choices

The government controls all aspects of economics

Choices involve opportunity costs

8.

1 point

revenue is the money a business earns by selling, sum of money received from consumers

True

False

9.

1 point

What are the 4 parts of demand?

price and quantity

able to buy

amount

gdp

willing to buy

10.

1 point

Fixed costs are expenses that do not change no matter how much business produces/serves

True

False

11.

1 point

Gdp per capita means gdp per each country

True

False

12.

1 point

marginal cost is the DECREASE in expenses due to another unit of something

True

False

13.

1 point

The boy followed in his fathers footsteps and took over the farm. What kind of economic system does this example represent?

Mixed

Traditional

Command

Market

14.

1 point

If Maryn wants a dog and also wants a laptop for christmas, and she gets the dog, what is the opportunity cost

the dog

the laptop

christmas

all of the above

15.

1 point

What is included in gdp?

intermediate goods

used goods

new products

chores

16.

1 point

What causes scarcity?

when we don't have enough resources

when people want more than we have

the result of unlimited wants and unlimited resources

all of the above

17.

1 point

Which is NOT a program that helps regulate public service and goods to make sure they are safe

CPSC

CFDL

FDA

CDC

18.

1 point

A trade-off is giving up one alternative for another

True

False

19.

1 point

resources are all the things that can be used in BUYING a product or service

True

False

20.

1 point

Markets, voluntary exchange, and money you make are all features of capitalism

True

False

21.

1 point

An equilibrium is the price set for a good or service in the market place, where demand and supply are perfectly balanced

True

False

22.

1 point

Change in consumer income affects demand because if consumers earn more they are willing/able to buy more and if they earn less they can not boy as much

True

False

23.

1 point

Who is the founder of modern economics?

24.

1 point

American prices are set by consumer and producer interactions

True

False

25.

1 point

what will happen if verizon and at&t tried to merge

the anti-trust laws wouldn't let them

the people would buy their products

prices would go down

there will be a surplus

26.

1 point

America uses a traditional economic system

True

False

27.

1 point

goods are things we can touch and hold

True

False

28.

1 point

A shortage is where there is too much of something

True

False

30.

1 point

An economic system is a way of producing the things people need and want

True

False

31.

1 point

Total Cots is variable costs + fixed costs

True

False

32.

1 point

MR > MC

True

False

33.

1 point

How are prices set?

equilibrium

shortage

surplus

all of the above

34.

1 point

What are wants?

things we can touch and hold

things we have

desires by people that can be met by getting a product or a service

work done for us

35.

1 point

Economic freedom is a feature of capitalism

True

False