In free-enterprise economic systems the key economic question of "what goods will be produced" will be decided by

what producers are willing and able to produce.

what producers are able to produce.

what consumers want to produce.

The key difference between private and public property is that

private property is owned by individuals.

private property is owned privately by the government.

public goods are owned by businesses.

An ethical economic system would reward all except one of the following businesses. Which one would it be?

a business not responding to public preferences

the business that provides a service that consumers are willing to buy

a business that provides services at a price acceptable to the consumers

Which of the following statements gives a false example of a necessary characteristic of a private good?

Your use if this textbook does not stop me from reading it at the same time.

Your use of a computer will keep me from using it.

Your use of a pencil to take this quiz means your neighbor cannot use the pencil at the same time.

Which transaction would take place in the resource market instead of the product market?

A school system buys hundreds of economics textbooks.

A homeowner buys a new refrigerator.

Economics Final

Quiz

•

others

•

Practice Problem

•

Easy

Antje Carter

Used 1+ times

FREE Resource

32 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is not a tangible object?

a house

a computer

friendship

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is a rationing device

demand

opportunity

price

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The economic way of thinking involves

fortune-telling

analyzing

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The two major economic systems are capitalism and

totalitarianism

two/party

mercantilism

socialism

5.

FILL IN THE BLANK QUESTION

30 sec • 2 pts

The resource "land" includes all of the natural_________ found in nature.

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Economists never think about the future.

False

True

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The study of choice as it applies to the big picture is macroeconomics.

False

True

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Economics Final

32 questions

Which of the following is not a tangible object?

Which of the following is a rationing device

The economic way of thinking involves

The two major economic systems are capitalism and

The resource "land" includes all of the natural_________ found in nature.

Economists never think about the future.

The study of choice as it applies to the big picture is macroeconomics.

There is no such thing as a global economy.

Economic "colds" are often contagious. Describe what would happen to other countries if the United States were to "catch" an economic cold?

Give an example of macroeconomics

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