Economics Final
Authored by Sarah Merli
History
11th - 12th Grade
Used 3+ times
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39 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The statement "the quantity demanded of a product varies inversely with its price" is a definition of
laissez-faire.
the law of demand.
the invisible hand
the law of competition.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a command economy, how is it determined what goods and services will be produced?
Businesses decide what to produce on the basis of market conditions
Consumers decide through their behavior in the marketplace.
Central government planning decides what will be produced.
Supply and demand control production and price.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the supply of computer engineers increases at the same time that the demand for these workers decreases, what would be the MOST LIKELY effect on wages for these workers?
Wages would stay the same as job opportunities increase.
Wages would increase as the number of workers increases.
Wages would decline as the competition for jobs increases.
Wages would increase as competition for these workers increases.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If OPEC decided to cut oil production for the coming year, what would be the MOST LIKELY effect?
prices would not change
oil prices would probably rise
oil prices would probably decline
the price for substitute products would decline
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under which economic system would factors of production MOST LIKELY be owned by the government?
mixed economy
natural economy
market economy
command economy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A new technology increases the speed of computers without increasing production costs. What is the MOST LIKELY effect of this technology?
The price of new computers will decline.
The price of new computers will increase.
The demand for new computers will decline.
The demand for new computers will increase.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The basic economic condition that exists when unlimited wants exceed limited productive resources is called
capital.
scarcity.
hyper inflation.
opportunity cost.
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