1.14 Unit Test Review - Economics and Personal Finance

Which is not a feature common to all games?

• outcomes

• winners

• players

• rules

Economics is about allocating resources to produce and distribute which of the following?

• outcomes and properties

• wages and profits

• goods and services

• consumers and producers

Which economic term refers to making decisions about the use of resources in the production and distribution of goods?

• expanding

• reusing

• allocating

• discovering

Which is an example of an allocation decision?

• A telephone factory is converted to make computers.

• Coal is set aside to burn as heating fuel.

• An assembly line is used to build cars.

• A hub-and -spoke network is used to ship packages.

Which is an example of a production decision?

• A gas station is expanded to acommodate more cars at once.

• Crude oil is set aside to refine into gasoline for cars.

• An assembly line is used to build cars.

Which describes an efficient outcome?

• A government program allocates food to the needy.

• A car is designed to waste as little fuel as possible.

• A company sets up retirement program for its employees.

• Consumers are given the widest range of choice possible.

Which is not an economic goal?

• freedom

• security

• victory

• growth

Which is not a goal pursued in the game of economics?

• inflation

• freedom

• equity

• efficiency

Which best explains why players in the game of economics are often in conflict with each other?

• Efficient outcomes require free choices.

• Supply and demand are usually not balanced.

• Some economics goals are incompatible with each other.

• Producers need consumers more than consumers need producers.

Which best explains why some economic goals are incompatible with each other?

• People are often in conflict over what they want.

• Both supply and demand cannot be sufficiently allocated.