Economics Ch 16 Test Review

Front

Which of the following is a want? clothing, food, shelter, vacations

Back

vacations

Front

Which factor is most likely to cause the supply of a product to decrease? Options: a decrease in consumer demand, a decrease in the price of resources used to make the product, an increase in the number of consumers, an increase in the number of suppliers

Back

an increase in the number of consumers

Front

The loss of four years of income resulting from the decision to go to college is the

Back

opportunity cost.

Front

Which factor has the MOST significant influence on the quantity supplied of any product?
Options:
expectations of consumers,
new technology,
number of consumers,
cost of producing the product

Back

cost of producing the product

Front

Which is an example of how to produce? Options: building new roads, making weapons, providing services for citizens, regulating the amount of pollution factories can produce

Back

regulating the amount of pollution factories can produce

Front

Which of the following is a characteristic of a market economy? Options: The government limits the quantity of products made., The government limits the variety of products made., People have the freedom to choose from a variety of products., Prices are inflexible.

Back

People have the freedom to choose from a variety of products.

Front

If the fixed costs of producing dresses are $1,000 and the variable costs are $500, then the total cost is

Back

$1,500.

Front

Which of the following represents marginal cost? Options: the expense of producing one additional unit, mortgage payments, the sum of fixed costs and variable costs, wages and raw materials

Back

the expense of producing one additional unit

Front

Which of the following is a human resource? goods, knowledge, oil, tools

Back

knowledge

Front

The extra income that results from selling one more unit of the output is the

Back

marginal revenue.