Economics Quiz 20-21

What is the number one goal of division of labor and specialization?

• To decrease labor

• To increase productivity

• To lower worker output

• To increase costs of production

Which of the following is a fixed cost for a business?

• Monthly rent for a restaurant

• New tires for an auto shop

• Wages for workers at the factory

• Gas for a pizza delivery shop

Computers, buildings, trucks, and hammers are which factor of production...?

• Land

• Labor

• Capital

• Entrepreneurship

Automation refers to...?

• Machinery replacing human labor.

• Movies with cartoons instead of live actors.

• Each worker focuses on a specific task.

• Opportunity cost.

Who answers the three basic economic questions in a command economy?

• Producers and Consumers

• The Government

• Wal-Mart

• The Supreme Court

Which of the following is not one of the four types of economies?

• Traditional

• Mixed

• Market

• Online

A license that protects an invention or a way of doing something is known as...?

• A copyright

• A patent

• A pallet

• A guarantee

A license that protects a book, movie, song, or work of art is called...?

• A copyright

• A patent

• An order of protection

• the second Amendment

What is a microwave oven that a restaurant uses referred to?

• Land

• Labor

• Capital

• Entrepreneurship

When does scarcity occur?

• When citizens have a shortage of resources.

• When citizens use only imported resources.

• When citizens develop their own additional resources.

• When citizens have too much of one resource.