This Economics Final Study Guide Quiz assesses understanding of fundamental economic concepts including needs vs. Wants, consumer roles, macroeconomic indicators, and historical economic theories by Adam Smith. It's designed to prepare learners for exams by testing key economic principles and their applications.
Unlimited and ever changing
Unlimited and never changes
Limited and ever changing
Limited and never changes
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Producer
Consumer
Advocate
Client
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Most things cost nothing
Some things cost nothing
Everything costs something
Most things cost something
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A decline in coffee prices
GDP, unemployment, and inflation
The work habits of students
The success rate of sandwich shops
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Alexander Hamilton
Thomas Malthus
Adam Smith
Karl Marx
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Customer.
Provider.
Consumer.
Producer
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The producers and consumers decide.
Only the government decide.
Only the producers decide.
The producers and government decide.
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Borrow money.
Take risks
Limit risks.
Play it safe.
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Act in a selfish manner.
Attempt to make money for yourself.
Act in a movie.
Ignore the desires of others.
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Giving up going to a movie to spend time shopping.
Giving up going to a movie because it got bad reviews.
Going to a movie to see your favorite move star.
Going to a movie because it got good reviews.
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Produce less goods and services.
Produce more goods and services.
Produce more goods but fewer services.
Produce fewer goods but more services.
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Individual purchases.
A general decline in prices.
The ups and downs of business cycles.
The impact of national tax policies.
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Mercantilism.
Free trade.
State-controlled mercantilism.
State-controlled trade.
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Constant.
Easily fulfilled.
Ever changing.
Costly.
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Production possibility.
Marginal cost.
Trade-off.
Opportunity expense.
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General rise of prices.
Decline of cheese prices.
Fluctuation of oil prices.
Sharp rise of coffee prices.
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System.
Utility.
Incentive.
Grid.
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For the mutual benefit of both...”thank you, thank you”.
For the benefit of neither.
Only for the benefit of the seller.
Only for the benefit of the buyer.
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Interactions occur in a command economy.
Interactions occur in a market economy.
All interactions occur in a traditional economy.
Some interactions occur in a traditional economy.
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Mixed economy.
Traditional economy.
Command economy.
Market economy.
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Communist economic system.
Market economic system.
Command economic system.
Traditional economic system.
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Businesses.
Classes.
Consumers.
Producers.
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Does not support capitalism.
Supports socialism and capitalism.
Stays out of the market place.
Gets involved in the market place.
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Market economy.
Command economy.
Communist economy.
Traditional economy.
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Centrally-planned economy.
Pure market economy.
Mixed economy.
Socialist economy.
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Traditional economy.
Command economy.
Capitalist economy.
Market economy.
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Government.
Businesses.
Option 3
Option 4
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Market forces.
Centralized planning.
Option 3
Option 4
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Government.
Entrepreneurs.
France.
Workers.
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Legal equality.
Open opportunity.
Marginal benefit.
Profit motive.
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Earn a profit.
Buy goods for personal use.
The government for answers
Find incentives.
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Profits made by private businesses.
Charitable donations collected by the government.
Profits made by international companies.
Taxes collected by the government.
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Command economy.
Centrally-planned economy.
Free enterprise economy.
Traditional economy.
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Free contract clause.
Profit motive.
Open opportunity clause.
Marginal benefit.
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Is dominated by elements of the traditional economic system.
Is dominated by elements of the command economic system.
Has some government involvement in the economy.
Has no government involvement in the economy.
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Local service.
Public good.
Government subsidy.
Private product.
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A person chooses to start a new restaurant.
A person is prevented by the government from growing row crops.
A person is told by the government to manufacture cups.
A person uses a traditional method of farming.
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A motorboat
An automobile
An interstate highway
A ski lodge
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All workers.
All persons over the age of 16 who are either working for pay or actively seeking paid employment.
All persons over the age of 21 who are working.
All persons over the age of 16.
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Always
Not
Still
Sometimes
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It decreases.
It increases.
It equals GNP.
It turns to GNP.
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Phantom unemployed
Underemployed
Discouraged workers
Skilled workers
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Discouraged worker
Skilled workers
Underemployed
Phantom unemployed
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Cyclical
Structural
Seasonal
Frictional
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Outsourcing
Insourcing
Crowdsourcing
Source computation
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Theory of negotiated wages
Traditional theory of wage determination
Signaling theory
Government wage program
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Theory of negotiated wages
Government wage program
Signaling theory
Traditional theory of wage determination
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Traditional theory of wage determination
Theory of negotiated wages
Signaling theory
Government wage program
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