QUESTION 1

1. Congress identified full employment as a goal in:

1776

1944

1978

1989

QUESTION 2

Opportunitycost is the cost of:

searching

applying

missing the benefit of the next best activity

pondering

QUESTION 3

A factory makes Styrofoam ice chests and bicycle helmets according to the numbers below:

ABCDE

helmets05101520

chests807560350

If helmets sell for$10and chests$5,then the abovelettered goal worth the most is:

A

B

C

D

E

QUESTION 4

A factory makes Styrofoam ice chests and bicycle helmets according to the numbers below:

ABCDE

helmets05101520

chests807560350

If helmets sell for$20and chests$25,then the abovelettered goal worth the most is:

A

B

C

D

E

QUESTION 5

To Adam Smith, markets are _ best.

1. almost always
2. never
3. seldom
4. about half the time

QUESTION 6

Scarcity means desires _ resources.->

1. >
2. <
3. =
4. = or <

QUESTION 7

To J.M. Keynes, markets are _ best.

almost always

usually

never

seldom

QUESTION 8

Labor is all the following except:

1. time
2. energy
3. skills
4. tools

QUESTION 9

You grow corn and potatoes on a farm. The owner inspects the farm and finds it to be inefficient. With his advice next season along with the same resources and same prices you grow:

1. more of both
2. less of both
3. more corn but only with less potatoes
4. more potatoes but only withless corn

QUESTION 10

USA declared independence and Adam Smith published the Wealth of Nations in:

1. 1620
2. 1776
3. 1867
4. 1968

QUESTION 11

To Karl Marx, markets are _ best.

1. almost always
2. never
3. usually
4. seldom

QUESTION 12

If Adam Smith's views were applied to recess then teachers would:

1. make sure the school yard is safe then go inside
2. stay in the schoolyard but off to the side
3. direct all activities from the middle of the schoolyard
4. join the kids some days and not on others

QUESTION 13

A factory makes Styrofoam ice chests and bicycle helmets according to the numbers below:

ABCDE

helmets05101520

chests807560350

If helmets sell for$30and chests$5,then the abovelettered goal worth the most is:

1. A
2. B
3. C
4. D
5. E

QUESTION 14

A factory makes Styrofoam ice chests and bicycle helmets according to the numbers below:

ABCDE

helmets05101520

chests807560350

If helmets sell for $40 and chests $5,then the above lettered goal worth the most is:

1. A
2. B
3. C
4. D
5. E

QUESTION 15

An example of market failure is:

appliances makingchores easier

noisy lawn mowers

hotels serving tourists

harmful toy recall

QUESTION 16

A country with almost all goods and services provided through the marketplace and minimal government is described as

1. laissez faire
2. communist
3. mixed economy
4. dictatorship

QUESTION 17

Being pushed by the invisible hand is when people follow:

1. tradition
2. government
3. religion
4. seasons
5. opportunities

QUESTION 18

Which of the following makes the following into a microeconomic question: how much _ is ideal?

1. inflation
2. machines in a factory
3. unemployment
4. growth

QUESTION 19

The pain of scarcity is eased by:

1. dieting
2. faith
3. time
4. growth

QUESTION 20

A factory makes Styrofoam ice chests and bicycle helmets according to the numbers below:

ABCDE

helmets05101520

chests807560350

Making 4 helmets and 79chests is:

1. efficient
2. inefficient
3. beyond possible
4. more info needed