Construction Economics

Which of the following is not a basic economic question?

• What to produce

• When to produce

• For whom to produce

• How to produce

What is the fundamental problem of economics?

• Scarcity

• Capital

• The factors of production

• Labor

Imagine you decide to purchase a RM50 charger for your car. Which of the following is an opportunity cost of your decision?

• The time you spent deciding to spend your money on the charger

• Something else you wanted that could have been bought with your RM50

• RM50 in cash

• The time spent making the purchase and the tax paid on the bill

The study of economics is important because it enables us to

• Memorize past events

• Predict future economic needs

• Become better decision makers

• Become good shoppers

Which kind of economy is most common today?

• Command

• Market

• Mixed

• Traditional

The American economic system can be described as having

• A command economy

• Quota system

• Traditional system

• Free enterprise system

A variety of goods and services is characteristic of

• A traditional economy

• A market economy

• A command economy

• All economic systems

There is a country in which the government owns all the industries, businesses, and farms. The government sets production and wages. The government provides all education, childcare, and medical care for all the people. What type of economy does this describe?

• Traditional

• Command

• Mixed

• Market

In a voluntary exchange, why do people give something up?

• to increase their self-sufficiency

• to get something they want more

• to allocate scarce resources fairly

• to comply with state requirements

Who would you most likely find participating in a market economy?

• A government official deciding how much wheat to plant this season

• A teenage girl deciding how to spend the extra money she earned working overtime

• A hunter deciding where to hunt to provide his family with a meal that night

• A worker deciding to leave his job early because the production quota has been met