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Economics
Economic Systems
Economic Systems II
Business Organizations
Microeconomics
100
Scarcity forces every society to answer three basic questions. Which of the following is not one of the three basic questions A) When to produce B) How to Produce C) What to produce
What is When to produce
100
The United States mostly uses this economic system A) Command (socialism) B) Mixed C) Market (free enterprise and capitalism)
What is Market
100
Diaguita Indians have lived in this region for generations… We grow beans, corn and potatoes on the mountain slopes. To irrigate these crops, we still use the channels built centuries ago by our ancestors. We also breed llamas… In our community, the more llamas you own, the richer you are… What type of economy is this? A) Communist B) Market C) Traditional
What is Traditional
100
The motivation that encourages people and businesses to improve their material well being A) Incentives/Profit Motive B) Specialization C) Competition
What is competition
100
The part of economic theory that deals with behavior and decision making by individual units A) Macroeconomics B) Market economics C) Microeconomics
What is Microeconomics
200
All of the following are examples of economic growth except A) When the GM tech center opens a new department and 500 jobs are created b) When the price of mangos increases sharply in the winter c) When Tom goes to school to get a degree that is in high demand.
What is when the price of mangos increases sharply in the winter.
200
Economic system in which a central authority makes major decisions A) Command (socialism) B) Mixed C) Market (Free enterprise and capitalism)
What is Command
200
Diaguita Indians have lived in this region for generations… We grow beans, corn and potatoes on the mountain slopes. To irrigate these crops, we still use the channels built centuries ago by our ancestors. We also breed llamas… In our community, the more llamas you own, the richer you are… What other cultures would also be an example of the type of economic system described above? a) Amish, Aborigines Inuit b) A culture where ritual, habit, or custom C) both A & B
What is both A & B
200
People may own and control their own legal possessions A) Voluntary Exchange B) Specialization C) Private Property Rights
What is Private Property Rights
200
When the price increases… A) Quantity supplied increases B) Quantity demanded decreases C) Quantity demanded increases
What is Quantity demanded decreases
300
The phrase "nothing in life is free" is true because of what term? A) secondary effects B) Unintended effects C) Opportunity costs
What is Opportunity Costs
300
North Korea and Cuba mostly use this economic system A) Command (socialism) B) Mixed C) Market (free enterprise and capitalism)
What is Command
300
Who would you most likely find to participate in a market economy? A) A teenage girl deciding how to spend the extra money she earned working overtime B) A hunter deciding where to hunt to provide his family with a meal that night C) A worker deciding to leave his job early because the production quota has been met.
What is A teenage girl deciding how to spend the extra money she earned working overtime
300
Business that is jointly owned by two or more people A) Sole Proprietorship B) Partnership C) Corporation
What is Partnership
300
A snowstorm is predicted tomorrow so more people buy snow blowers today. What factor of demand is this? A) Consumer income B) Consumer taste/preferences C) Expectations
What is Expectations
400
When the president issues tax cuts on households the expected outcome is A) individuals will buy less goods and services B) Businesses will have to pay more for resources c) Individuals will buy more goods and services
What is Individuals will buy more goods and services
400
Economic system in which a combination of command and market A) Command (socialism) B) Mixed C) Market (free enterprise and capitalism)
What is Mixed
400
Which of the following is an example of an entrepreneur? A) An accomplished dancer B) A doctor working for a hospital C) A person who has invented new tennis shoes
What is A person who has invented new tennis shoes
400
Easy to start up, management is simple, owner can keep the profits, can be your own boss A) Sole Proprietorship B) Partnership C) Corporation
What is Sole Proprietorship
400
You buy a new pair of jeans because you saw a celebrity wear them. What factor of demand is this? A) Consumer Income B) Consumer taste/preferences C) Complements (related to goods
What is Consumer taste/preferences
500
If less people are going to work (as in our current economy), what happens to the product market? A) It will increase (speed up) because people are buying more goods and services B) It will decrease (slow down) because people are buying less goods and services C) It does not change because people always needs to buy goods and services
What is it will decrease (slow down) because people are buying less goods and services.
500
Why are entrepreneurs important in a free enterprise economy? A) Entrepreneurs rely on tradition to decide what to produce B) Entrepreneurs pay high wages to all their employees C) Entrepreneurs start new businesses
What is Entrepreneurs start new businesses
500
Economic growth is A) measure of the amount of output produced with a given amount of productive factors B) Dollar value of all goods produced within a countries boarders during a one-year period C) The increase in a nation's total output of goods and services over time.
What is The increase in a nation's total output of goods and services over time.
500
Owned by stock holders and share holders A) Sole Proprietorship B) Partnership C) Corporation
What is Corporation
500
An increase in the price of milk causes a decrease in the demand for cereal. The two products are A)Substitutes B)Complements C) No longer liked by the consumer
What is Complements