WorksheetsPre-Quiz for SSEF3.a
Total questions: 32
Worksheet time: 57mins
Name
Class
Date
1.
Which of the following would be considered human capital?
a)
A milling machine run by a machinist
b)
A computer-assisted drawing software program operated by an architect
c)
A training course taken by employees off a manufacturing firm
d)
An assembly line for producing boats
2.
Which of the following is NOT an element of the US free-enterprise system?
a)
Voluntary exchange
b)
Freedom
c)
Full Employment
d)
Motivation to make profits
3.
Thorndike Corporation has just finished a year of record profits. Rather than use the resources to immediately raise production, they decided to purchase land and materails to build a new plant and purchase updated technology. What does Thorndike actions represent
a)
Failure to recognize opportunity costs
b)
Capital Investment
c)
Consumer Investment
d)
Investment in human capial
4.
Higher Prices and government regulation are both strategies for
a)
Increasing consumption
b)
Encouraging economic equity
c)
Dealing with scarcity
d)
Aiding entrepreneurship
5.
Common ways the government might try to regulate a mixed-market economy include
a)
Deregulation
b)
Forbidding any private ownership of property
c)
imposing tariffs or subsides
d)
Lifting environmental reflections
6.
Recently, Amazon.com announced that they were investing in unmanned delivery drones to deliver their products to homes. If Amazon.come is like MOST businesses, they will only proceed with this decision if
a)
The marginal benefits are greater than the marginal costs
b)
The Federal Government encourages this decision with tax breaks
c)
They can cut costs somewhere else in the company to save money
d)
They can increase their total revenue by making this investment
7.
The United States economy is one in which producers are generally free to produce what they want, and consumers are free to purchase what they desire, so long as no laws are broken. At the same time, however, the government does regulate the aspects of the economy. The United States can BEST be described as a
a)
Market Economy
b)
Command Economy
c)
Liberated Economy
d)
Mixed Economy
8.
When producers freely choose what to produce and sell without the interventions of government, and consumers freely choose what they will buy and what they are willing to pay for goods and services, it is known as
a)
Voluntary exchange
b)
Market Analysis
c)
Command economic interaction
d)
Production Possiblities
9.
Which of the following tends to make economic more efficient?
a)
Specialization
b)
Government
c)
Traditional Economy
d)
Economy
10.
The greater the profit motive in an economic system, the greater the likelihood of
a)
Innovation
b)
Equity
c)
Security
d)
Government controlling the factors production
11.
Buying stocks, purchasing new equipment for a business, paying for employees training, and purchasing the lowest price computers for one's office are all examples of
a)
Opportunity Costs
b)
Economic Outfits
c)
Productivity
d)
Investment
12.
When a business is analyzing their inputs and outputs, they are MOST LIKELY trying to calculate their
a)
Scarcity
b)
Productivity
c)
Gain from trade
d)
Comparative Advantage
13.
SSEF4 Which is a fundamental questions every society must answer?
a)
What goods and services are to be produced?
b)
How are the goods and services to be produced?
c)
For whom are the goods being produced
d)
All of the above
14.
The four types of economic systems are:
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
15.
SSEF4a Which type of economic system would have the least amount of government regulation?
a)
Traditional
b)
Command
c)
Market
d)
Socialist
16.
The United States economy is one in which producers are generally free to produce what they want, and consumers are free to purchase what they desire, so long as no laws are broken.
a)
Market Economy
b)
Command Economy
c)
Liberated Economy
d)
Mixed Market Economy
17.
SSEF4a Consumer sovereignty, profit motive, private ownership, and competition are all most associated with which economic system?
a)
Command
b)
Market
c)
Traditional
d)
None of the above
18.
An economic system based on equity and in which the government decides what gets made and sets prices is called a
a)
market economy
b)
traditional economy
c)
political economy
d)
command economy
19.
What type of economy do most countries in the world have?
a)
Communist economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
20.
The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
a)
Traditional
b)
Market
c)
Command
d)
Centrally Planned
21.
WHAT ARE THE 4 FACTORS OF PRODUCTION?
a)
Land, Capital, Need & Want
b)
Land, Labor, Capital, Entrepreneurs
c)
Water, Air, Food & Shelter
d)
Land, Capital, Good & Service
22.
In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors. This is what kind of economy?
a)
Traditional
b)
Market
c)
Command
d)
Centrally planned
23.
Waiting in line to get the limited amount of items available.
a)
1st Come-1st Serve
b)
Command
c)
Lottery
d)
Rationing
24.
Choosing an item that cost $2.00 cheaper than the original price
a)
Price
b)
Command
c)
Sharing Equally
d)
Lottery
25.
Pulling names out of a hat to see who gets the prize
a)
Price
b)
Lottery
c)
Sharing Equally
d)
Command
26.
By age, by weight or height, by ancestry, alphabetically by name, by need, etc.
a)
Random Draw
b)
Fiat
c)
First Come, First Served
d)
Personal Characteristic
27.
In a command economy, how are the prices of goods and services determined?
a)
business owners
b)
central government
c)
market forces supply and demand
d)
independent agencies and regulators
28.
In a command economy , how is it determined what goods and services are produced ?
a)
business owners
b)
consumers decide through the market
c)
central government planning
d)
supply and demand
29.
In a market economy, prices are established by ?
a)
consumer and labor unions
b)
commanded by government agency
c)
forces of supply and demand
d)
businesses which buy and sell
30.
Communism and socialism are usually found in what type of economic system?
a)
command
b)
traditional
c)
pure market
d)
mixed market
31.
What has been the hardest part of Economics thus far....
a)
The CFA
b)
The Vocabulary Quiz
c)
The informaiton
d)
The Test Questions
e)
All of it is hard
32.
What college conference did the two Quarter Backs playing the super bowl attend?
a)
SEC
b)
ACC
c)
The Big 10
d)
Sun Belt
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