The economic term "Scarcity" relates MOST directly to a situation in which. Single choice.

(1 Point)

individuals lack money needed to purchase goods

businesses lack customers needed to make a profit

employees lack experience needed to earn a promotion

manufacturers lack raw materials needed to satisfy demand

33,

What are economist describing when referring to land resouces?. Single choice.

(1 Point)

Factories, equipment, and machinery used for producing goods and services

Money in banks used for business investment and development

Fertile soil, mineral deposits, forests and similar resources from the land

The workers and managers who produce goods and services

44,

What are the four factors of production?. Single choice.

(1 Point)

Capital, entrepreneurship, water, labor

Entrepreneurship, land, capital, labor

Labor, water, land, money

Land, labor, capital, money

55,

In a free enterprise system, what motivates individuals to start a business?. Single choice.

(1 Point)

The risk of failure

the desire to earn a profit

The need for job security

The desire to make economic deciscion

66,

What is opportunity cost?. Single choice.

(1 Point)

the monetary price of any productive resource

the amount of labor that must be used to produce one unit of any product

The ratio of the prices of imported goods to the prices of exported goods

The amount of product that must be given up to produce one more unit of another product

77,

Which of the following terms refers to the extra or additional cost of producing one additional unit of output?. Single choice.

(1 Point)

Marginal cost

Variable cost

Fixed cost

Total cost

88,

When do rational decisions occur in economics?. Single choice.

(1 Point)

The Economic choice that has no opportunity cost

Marginal benefits of an action equals or exceed the marginal cost

When spending and saving decisions are made only based on wants

Command economies answer the three basic economic questions

99,

Which of the following would discourage an act or serve as a negative inventive?. Single choice.

(1 Point)

Earning a paycheck

Gambling winnings

Bonuses

Fines

1010,

Marta and Shanika open their own computer repair shop and agree to share the decision making, the profits, and the risks. Marta will manage their parts inventory and all the accounting duties. Shanika will work out front to meet customers when they drop off their computers. Marta will work on desktop computers while Shanika will repair laptops Marta and Shanika's arrangement is an example of. Single choice.

(1 Point)

competition

specialization

incorperation

consumption

1111,

Susan offers to trade her old iPad for Claudia's cell phone and Claudia accepts. Assuming both products work perfectly, what can be concluded?. Single choice.

(1 Point)

Claudia is now happier than Susan because she got the most valuable item

Neither party has gained because the exchange was fraudulent

Both people have gained because the exchange was voluntary and non-fraudulent

Susan places the same value on used cell phone as she does for used iPads

1212,

How are economic questions answered in a COMMAND economy?. Single choice.

(1 Point)

By producers

By consumers

By the government

By supply and demand

1313,

Economic systems are established or adopted by nations to help determine answers to which of the following set of questions related to production?. Single choice.

(1 Point)

What to produce, how to produce, for whom to produce?

When to produce, how to produce, where to produce?

What to produce, how to produce, where to produce?

When to produce, how to produce, which to produce?

1414,

Competition and free enterprise are most common in which type of economic system?. Single choice.

(1 Point)

Traditional

Market

Command

Socialist

1515,

When government seeks to protect Americans from adverse economic events such as layoffs and illness, it is try to achieve which economic goal?. Single choice.

(1 Point)

Economic freedom

Economic Efficiency

Economic Growth

Economic security

1616,

Why are all goods and services scarce?. Single choice.

(1 Point)

Some goods cost more than others

The resources to make them are scarce

Some things are needs and others are wants

Some people want to have more goods than others

1717,

How does a market system typically answer the fundamental question, :who will get goods and services?". Single choice.

(1 Point)

Those who get utility from them

Those who physically produced them

Those who most need them

Those willing and able to pay for them

1818,

When a society uses methods of exchange like barter, lottery, rationing, or prices, what are they attempting to do?. Single choice.

(1 Point)

Reduce productivity

Develop new technology

Allocate scarce resources

created a safety net for the poor

1919,

What is the role of government in a mixed economy?. Single choice.

(1 Point)

The government has no significant role in a mixed market based economy.

The government needs to intervene to help determine how the basic economic questions are answered.

The role of government is to ensure each citizen receives a fair share of resources.

The role of government is to provide public goods and services and protect property rights.

2020,

What BEST explains the shift from PPF1 to PPF2 on this graph?. Single choice.

(1 Point)

Improvements in technology

An increase in the cost of labor

Higher cost in producing good A

An increase in unemployment

2121,

What conclusion can be drawn from the graphic?. Single choice.

(1 Point)

There is little difference in the lifetime incomes of college graduates and high school graduate

College graduates will likely have a higher standard of living compared to high school graduates

It is undesirable to graduate from college because you will be put in a higher tax bracket

There is no economic value in graduation from high school

2222,

Which newspaper headline would MOST LIKELY be found in a country that will experience future economic growth?. Single choice.

(1 Point)

"Country Experiences Population Reductions"

"Smoking Among Teens Increases"

"Government to Offer New Educational Opportunities"

"Three Hurricanes Close In On U.S."

2323,

Which of the following might shift a nation's production possibilities curve inward?. Single choice.

(1 Point)

New technology

Destruction by war

Expanded health care

Increased education

2424,

The purpose of a production possibilities graph is to. Single choice.

(1 Point)

enable a country to mobilize to win a war

keep an economy from having nonproductive workers

show alternative ways to use an economy's resources

make it possible to increase an economy's output

2525,

Refer to the graph, Which point indicates inefficient use of resources?. Single choice.

(1 Point)

Point A

Point B

Point D

Point E

2626,

What is a positive externality?. Single choice.

(1 Point)

A way to generate trade that will benefit people who are from other countries

An economic side effect that generates unexpected benefits

A cash flow that will benefit both the government and businesses

An extra payment to welfare recipients

2727,

A new runway has opened up at the airport, and the flight path goes directly over your apartment. The noise of the airplanes is a. Single choice.

(1 Point)

positive externality

negative externality

free-rider problem

market failure

2828,

Any resources that are made by humans and used to create other goods and services are called. Single choice.

(1 Point)

Services

Production

Capital

Labor

2929,

The lack of which of the following represents a scarcity?. Single choice.

(1 Point)

orange juice because the truckers carrying it are on strike

enough workers to finish two jobs because there's a limited supply of workers

enough workers to work at night because the pay is too low

grapefruit juice because very few people want to buy it

3030,

Which of the following is an example of scarcity, rather than shortage?. Single choice.

(1 Point)

A popular toy is sold out during the busy holiday season

You have spent your last penny and payday is a week away.

A person wants an endless supply of everything but cannot have it.

Gasoline was rationed in America during World War II.

3131,

The physical capital used by a woodworker to make furniture would include. Single choice.

(1 Point)

Saws and drills

wood and glue

hard work and time

a workshop and money