Economics Final Exam

Which of the following involves using resources to produce the maximum amountof goods and services?

• utilization
• underutilization
• efficiency
• overefficiency

The situation where women tend crops and raise children while men hunt is often found in a 

• mixed economy
• market economy
• command economy
• traditional economy

Producers and consumers drive the economy of a 

• mixed economic system
• market economic system
• command economic system
• traditional economic system

Consumers "vote" by choosing

• a product over competing products
• a resource over other resources
• to become entrepreneurs
• to keep away from fad products

A modified free entreprise

• is dominated by elements of the command economic system
• is dominated by elements of the traditional economic system
• has no government involvement in the economy
• has some government involvement in the economy

A common way of dealing with the free rider problem is for

• the free riders to provide the good or service
• the government to provide the good or service
• individuals to provide the good or service
• private business to provide the good or service

Producers determine the allocation of scarce resources by seeking

• incentives and responding to consumer votes on a product
• incentives and responding to all open opportunities
• profits and responding to consumer votes on a product
• profits and responding to all open opportunities

Public goods are funded by 

• charitable donations collected by the government
• profits made by private businesses
• profits made by public companies
• taxes collected by the governmnet

What two factors are necessary for demand?

• desire for a good or service and its availability in the market
• desire for a good or service and the ability to pay for it
• the availability of a good or service and the ability to pay for it
• familiarity with a good or service and the desire to pay for it

Which economic concept is defined as the measure of how responsive consumers are to price change?

• consumer expectation
• consumer taste
• decreasing marginal utility
• elasticity of demand