Susan offers to trade her old iPod for Claudia's cell phone and Claudia accepts. Assuming both products work perfectly, we can conclude that SSEF3b

both people have gained because the exchange was voluntary and non-fraudulent

Claudia is now happier than Susan.

neither party has gained because the exchange was fraudulent

Susan places the same value on cell phones as she does for iPods

Economic growth is often tied to investment in machinery, new technology, and education of the population. This is because SSEF6b

these items lead to a greater productivity of inputs

the only way to measure economic growth is to observe change sin these factors

investment in these items are sole determinant of output

all of these items improve captal resources

Which BEST describes productivity? SSEF6a

the relationship of inputs and outputs

the interaction of buyers and sellers

producing at high opportunity costs

trading based on absolute advantage

Why do governments interact in economies to redistribute income, resolve market failures, and provide public goods and services? SSEF5a

to provide equity and stability to the economy

it is the easiest way to achieve economic growth

central banks, like the Fed, do not have the ability to do these things

to maximize the ups and downs of the business cycle

A production possibilities curve shows SSEF6d

the combination of goods that can be produced with a set of resources

the technological changes that improve production

choices a person makes between items

How are most public goods and services paid for in the United States?

By soliciting corporate contributions

By soliciting charitable donations

Which of these is NOT one of the major roles that the US government plays in the economy?

Providing private goods and services

Redistributing income through transfer payments

How much its governments improves fiscal policy

What's the relationship between specialization and voluntary exchange?

specialization leads to a need for voluntary exchange

specialization exists because of voluntary exchanges

voluntary exchanges causes specialization

voluntary exchange negates the need for specialization

When the federal government imposes fines against factories that pollute the air, what role is it playing in the economy?

Providing public goods and services

The fundamental economic questions that all economies must answer are

What will be produced, how will it be produced, and for whom it will be produced?

Who will rule, who will vote, and who will pay taxes?

Who determines the cost, who will set the prices, and who determines how much is made?

How much will be produced, of what quality it will be, and who will pay for it?

A rational employer would only hire someone for $15 per hour if...

the workers produced more than $15 of revenue per hour

the workers were very productive

the employer really needed to increase his/ her output

they no longer had to cover health insurance

MagnaFlare is a corporation that makes road flares. One of the primary components of a MagnaFlare is ground magnesium. How would the magnesium ore, from which ground magnesium is made, be classified as a factor of production?

It is not a factor of production, it is a product.

Brian wants to buy a soda and a box of popcorn at the movies. However, he only has enough money for one or the other. If Brian buys the soda, which of the following is his "opportunity cost"?

the satisfaction of eating the popcorn

How is Human Capital different from Physical Capital?

Human Capital is related to knowledge, skills, and experience; Physical Capital is related to machines/tools

Human Capital is related to labor only, Physical Capital is related to tools/machines

There is no difference between Human Capital and Physical Capital.

Human Capital is related to natural raw materials; Physical Capital is related to machines/tools

SSEF6 Which is the best way to increase productivity and economic growth?

Investing in new technology and equipment

What can cause a production possibilities curve to move to the right?

Greater quality or quantity of resources

Economics Fundamentals SSEF1-SSEF6

Authored by Cindy Kerce

Social Studies

9th - 12th Grade

Used 45+ times

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50 questions

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MULTIPLE CHOICE QUESTION

2 mins • 1 pt

How does specialization encourage international trade?

When countries specialize in one product, they can master it and sell it to other nations.

When countries make many different products, they do not have to trade.

Specialization uses resources from many countries.

Specialization does not encourage international trade.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which is the best example of specialization?

A surf shop lowers the price on swimsuits.

A dry cleaner spends extra time on grease spots.

An assistant in a tailoring shop only replaces zippers.

An online clothing outlet offers customized monograms.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In economics, rational decisions occur when
SSEF2b

suppliers lower their prices to increase demand

marginal benefits of an action equal or exceed the marginal costs

a budget is used for spending and saving decisions

command economies answer the three basic questions

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is a human resource that Ms. Johnson could use for her art gallery?
SSEF1b

Light fixtures to help display the artwork.

A security system to protect the artwork.

Knowledge of trends in modern art.

A series of paintings by a prominent local artist.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is a fundamental questions every society must answer?
SSEF1a

What goods and services are to be produced?

How are the goods and services to be produced?

Who will get the goods and services that are produced?

All of the above

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A and B both wash cars and change oil. Currently, each man washes and changes oil by himself, but the process takes lots of time. they would MOST LIKELY improve their efficiency if
SSEF2b

A & B wash a car and chang eoil together

A washes car while B changes oil

A washes B car while B washes A's car

A and B reduce the number of cars they wash

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Economics Fundamentals SSEF1-SSEF6

How does specialization encourage international trade?

Which is the best example of specialization?

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

In economics, rational decisions occur when
SSEF2b

Which is a human resource that Ms. Johnson could use for her art gallery?
SSEF1b

Which is a fundamental questions every society must answer?
SSEF1a

A and B both wash cars and change oil. Currently, each man washes and changes oil by himself, but the process takes lots of time. they would MOST LIKELY improve their efficiency if
SSEF2b

Susan offers to trade her old iPod for Claudia's cell phone and Claudia accepts. Assuming both products work perfectly, we can conclude that
SSEF3b

Investing heavily in new capital equipment and technology is MOST related to
SSEF6b

Competition and free enterprise are most common in which type of economic system?
SSEF4a

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Social Studies

Economics Fundamentals SSEF1-SSEF6

How does specialization encourage international trade?

Which is the best example of specialization?

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

In economics, rational decisions occur when SSEF2b

Which is a human resource that Ms. Johnson could use for her art gallery?SSEF1b

Which is a fundamental questions every society must answer?SSEF1a

A and B both wash cars and change oil. Currently, each man washes and changes oil by himself, but the process takes lots of time. they would MOST LIKELY improve their efficiency ifSSEF2b

Susan offers to trade her old iPod for Claudia's cell phone and Claudia accepts. Assuming both products work perfectly, we can conclude thatSSEF3b

Investing heavily in new capital equipment and technology is MOST related toSSEF6b

Competition and free enterprise are most common in which type of economic system?SSEF4a

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Social Studies

In economics, rational decisions occur when
SSEF2b

Which is a human resource that Ms. Johnson could use for her art gallery?
SSEF1b

Which is a fundamental questions every society must answer?
SSEF1a

A and B both wash cars and change oil. Currently, each man washes and changes oil by himself, but the process takes lots of time. they would MOST LIKELY improve their efficiency if
SSEF2b

Susan offers to trade her old iPod for Claudia's cell phone and Claudia accepts. Assuming both products work perfectly, we can conclude that
SSEF3b

Investing heavily in new capital equipment and technology is MOST related to
SSEF6b

Competition and free enterprise are most common in which type of economic system?
SSEF4a