Economics Retention Quiz

How much money per year does the GAO estimate sugar subsidies cost Americans?

• $300 Million

• $3.5 Billion

• $1 Billion

• $750 Million

Tags

CCSS.6.RP.A.3B

Chicago food trucks must be at least how far from brick and mortar restaurants?

• 50 Feet

• 100 Feet

• 200 Feet

• 500 Feet

Tags

CCSS.2.MD.A.3

Corporatism (allowing industry members to design regulations beneficial to those members) got started in what presidential administration?

• Abraham Lincoln's

• Woodrow Wilson's

• Harry Truman's

• Franklin Rossevelt's

Which of the following is NOT an example of government interference in the market place?

• Establishing weights and measures

• Tariffs

• Import quotas

• Licensing

What effects do price ceilings have?

• They always cause a shortage

• They never cause a shortage

• They cause a shortage if the equilibrium price is below the price ceiling

• They cause a shortage if the equilibrium price is above the price ceiling

What is the one piece of knowledge all individuals have in the market place?

• The cost of producing a good or service

• The quantity of goods and services available

• The price of goods or services

• The demand for goods or services

Why have governments failed to effectively protect endangered species?

• Government workers have no profit incentive

• Government workers don't care about endangered plants or animals

• Laws prevent government workers from doing their jobs effectively

• There are too many people who want to profit from endangered species

Tags

CCSS.RI.8.1

CCSS.RI.8.8

CCSS.RL.11-12.1

CCSS.RL.8.1

CCSS.RL.9-10.1

What does it mean when a company's production is well within the production possibilities curve?

• The company has been having supply issues

• The company is operating normally

• The company has too few employees

• The production process is inefficient

James Smith developed a method of decreasing the assembly time for a product manufactured by the company he works for. What factor of production does this represent?

• Labor

• Land

• Capital

• Entrepreneurship

Comparative advantage is?

• Producing what you are best at

• Producing what you are least bad at

• Producing what you like the most

• Allowing weaker competitors the opportunity to stay in the market place