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Economics Pre-test Chapters 1-4

43 Questions  I  By Dlulch24
Economics Quizzes & Trivia
Quiz for slavin chapters 1-4. Something to prepare me for my exam.

  
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Question Excerpt

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1.  Why is savings good for the economy?
A.
B.
C.
D.
2.  When supply price                       intrest rates                            .
A.
B.
C.
D.
3.  What are the 4 means of production?
  1.  
  2.  
  3.  
  4.  
4.  What is the reason why we produce more?
A.
B.
C.
D.
5.  Adam smith believed that the government should be involved in...
  1.  
  2.  
  3.  
6.  Match the country to its economic system.
A. China
A.
B. U.S.
B.
C. Norway
C.
D. Canada
D.
E. Europe
E.
F. Great Britian
F.
G. France
G.
H. Japan
H.
I. Sweden
I.
J. Greece
J.
7.  Which economic system provides cradle to the grave security?
A.
B.
C.
8.  A price floor represents a _______________?
9.  A price celing represents a                                 ? 
10.  Gas prices is an example of                           ?
11.  Minimum wage is an example of                                    ?
12.  This the product each person is know for producing during the age of Industrial Capitalist.
  • Rockefeller:
  • McCormick:
  • Carnegie:
  • Du Pont:
  • Swift:
13.  Which President believed in supply side economics?
A.
B.
C.
D.
14.  Which President Implemented the New Deal?
A.
B.
C.
D.
15.  Each of the following were elements of the New Deal except______________
A.
B.
C.
D.
16.  The longest economic expansion began in ______________
A.
B.
C.
D.
17.  Medicare & Medicaid were inaugurated under the administration of                        .
A.
B.
C.
D.
18.  The word that is central to the definition of economics is                             .
A.
B.
C.
D.
19.  Each of the following is an example of capital except                       .
A.
B.
C.
D.
20.  An economy operating its plant and equiptment at full capacity implies a capacity utilization rate of                              .
A.
B.
C.
D.
21.  The full-production level of our economy implies                         .
A.
B.
C.
D.
22.  If we are operating inside our production possibilities curve                             .
A.
B.
C.
D.
23.  To attain a higher rate of economic growth, we need to devote                                 .
A.
B.
C.
D.
24.  As we produce increasing amounts of a particular good, the resources used in its production                          .
A.
B.
C.
25.  The law of increasing costs is explained by each of the following except                         .
A.
B.
C.
D.
26.  As a firm grows larger,                                .
A.
B.
C.
D.
27.  The law of increasing costs states that, as                          .
A.
B.
C.
D.
28.  The price system is based on                         .
A.
B.
C.
D.
29.  The strongest indictment of the capitalist system was written by                                     .
A.
B.
C.
D.
30.  Capital comes from                        .
A.
B.
C.
D.
31.  When demand rises and supply stays the same,                          .
A.
B.
C.
32.  At equilibrium price,quantity demanded is                           .
A.
B.
C.
33.  When quantity demanded is greater than quantity supplied,                                .
A.
B.
C.
34.  What happens to quantity demanded when price is raised?
A.
B.
C.
35.  Market price                       equilibrium price
A.
B.
C.
36.  Market price may not reach equilibrium if there are                        .
A.
B.
C.
D.
37.  An increase in supply while demand remains unchanged will lead to ___________________.
A.
B.
C.
D.
38.  A decrease in demand while supply remains unchanced will lead to                            .
A.
B.
C.
D.
39.  As price rises,                             .
A.
B.
C.
D.
40.  When quantity demanded is greater than quantity supplied, there                                 .
A.
B.
C.
41.  When quantity supplied is greater than quantity demanded,                                   .
A.
B.
C.
42.  Usury laws and rent control are examples of                      .
A.
B.
C.
D.
43.  The best way to eliminate gas lines would be to                           .
A.
B.
C.
D.
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