Economics 6 - 9 Test
67 Questions
| Total Attempts: 40
.
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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