Economics 6 - 9 Test

67 Questions | Total Attempts: 40

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Economics Quizzes & Trivia

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Questions and Answers
  • 1. 
    What type of good is a truck used by a florist to deliver flowers?
    • A. 

      Consumer

    • B. 

      Capital

    • C. 

      Productive

    • D. 

      Supplier

  • 2. 
    Which group favored a "natural economy"?
    • A. 

      Imperialists

    • B. 

      Protectionists

    • C. 

      Physiocrats

    • D. 

      Mercantilists

  • 3. 
    If Gordon McConnell's accounting business had expenses equaling $90,000 and revenues totaling $115,000 last year, but could have had a salary of $80,000 working for someone else, what was his opportunity cost?
    • A. 

      $45,000

    • B. 

      $55,000 $55,000

    • C. 

      $105,000

    • D. 

      $125,000

  • 4. 
    What states that when the price of a good falls, consumers tend to buy more of that good?
    • A. 

      Elasticity effect

    • B. 

      Substitute effect

    • C. 

      Income effect

    • D. 

      Demand effect

  • 5. 
    What type of good does not last more than three years?
    • A. 

      Inferior good

    • B. 

      Non-durable good

    • C. 

      Normal good

    • D. 

      Durable good

  • 6. 
    What type of economic system is controlled by a centralized authority?
    • A. 

      Command

    • B. 

      Free enterprise

    • C. 

      Mixed

    • D. 

      Traditional

  • 7. 
    What type of economic system is based upon custom, heredity, and caste?
    • A. 

      Command

    • B. 

      Free enterprise

    • C. 

      Mixed

    • D. 

      Traditional

  • 8. 
    Besides limited government and freedom of enterprise and competition, to what does the free market economy owe its proficiency?
    • A. 

      Division of labor

    • B. 

      Productivity

    • C. 

      Natural resources

    • D. 

      Property rights

  • 9. 
    What is a group of firms that produce similar products or provide similar services?
    • A. 

      Industry

    • B. 

      Enterprise

    • C. 

      Business

    • D. 

      Union

  • 10. 
    What is the retail clothing industry in a large city an example of?
    • A. 

      Perfect competition

    • B. 

      Monopoly

    • C. 

      Oligopoly

    • D. 

      Monopolistic competition

  • 11. 
    What is the American automobile industry an example of?
    • A. 

      Perfect competition

    • B. 

      Monopoly

    • C. 

      Monopolistic competition

    • D. 

      Oligopoly

  • 12. 
    What is the study of the choices that individuals and societies make in the production, distribution, and consumption of goods?
  • 13. 
    What are the Four Factors of Production?
  • 14. 
    What is a list of numbers that compares price with quantity demanded?
  • 15. 
    If Firm A can produce 50 shoes or 40 coats with the same amount of resources from which Firm B can produce 45 coats or 65 shoes, which firm has the comparative advantage in coats?
  • 16. 
    What governmental agency investigates trade practices?
  • 17. 
    What was the first act implemented in 1890 to regulate monopolistic trusts?
  • 18. 
    What antitrust act was passed in 194 that addressed practices not addressed in earlier laws?
  • 19. 
    What three things is mass production based on?
  • 20. 
    What is the production of goods in which a country or region has absolute or comparative advantage?
  • 21. 
    What do consumers send to producers to let them what goods are wanted at what prices?
  • 22. 
    What term deals with the study of specific components within a major economy?
  • 23. 
    One way to improve efficiency is to keep output constant and increase input.
    • A. 

      True

    • B. 

      False

  • 24. 
    When the demand for a good increases, the good's equilibrium price tends to increase.
    • A. 

      True

    • B. 

      False

  • 25. 
    If the supply of tennis rackets increased while the demand remained steady, stores would likely increase the prices of rackets.
    • A. 

      True

    • B. 

      False

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