NEW
Font size
WorksheetsD21 MIDTERM EXAM ECONOMICS
Total questions: 33
Worksheet time: 17mins
Scarcity results from unlimited wants and __________.
unlimited wants
unlimited resources
limited wants
limited resources
Economics is all about ________.
choices
money
the Stock Market
globalization
Which is an example of a scarce resource?
water
air
soccer matches
complaints
Opportunity cost is the next best ___________.
paycheck
order
choice
cost
You receive a marginal _________ from more consuming.
benefit
cost
utility
choice
Which is a monetary incentive?
cash bonus
cake
extra vacation time
flexible house
Which is a nonmonetary incentive?
cash bonus
stock options
extra paycheck
flexible hours
What kind of property is owned by the government?
McDonald's
public
private
Dominoes
Which is a nonrenewable resource?
wind
solar
coal
hydoelectric
Which type of economy is controlled by individuals?
mixed
traditional
command
market
According to John Smith, what controls the market?
invisible hand
government
weather
taxation
HIgh demand leas to __________ prices.
high
low
equal
safe
Low supply leads to __________ prices.
high
low
equal
safe
Changes in supply and demand will lead to changes in ____________.
profit
price
public
private
Equilibrium price is when quantity supplied equals ____________ .
quantity demanded
quantity
quantity price
supply price
What are elements of the marketing mix?
price
product
promotion
All of the above.
Which condition is trying to obtain a market share?
property rights
competition
profit
loss
This is earned financial gain.
private property
copetition
profit
loss
What happens to price as goods are less scarce?
prices rise
prices lower
prices equalize
profit
What is produced by producers?
quality
demand
prices
goods and services
Who is someone that acquires goods or services?
entrpreneur
seller
producer
consumer
What protects consumers?
inflation
price controls
deflation
price chaos
Price controls set which kind of price?
minimum price
maximum price
both a minimum and maximum price
None of the above
What are products sold to another country?
imports
exports
goods
services
What does domestic competition affect?
goods and services produced
price
quality
All of the above.
What is the job of entrepreneurs?
own a business
operate a business
organize a business
All of the above.
What is traded in financial markets?
stocks
bonds
gold
both stocks and bonds
What are the functions of financial markets?
borrowing and lending money
price determination
information coordination
All of the above.
Which is NOT a role of government in a market economy?
providing national defense
addressing environmental concerns
determining prices
defining property rights
This occurs when governments don't ensure competition.
cartel
polyopoly
duopoly
monopoly
Where does the US government show their choices?
consumers rights
the budget
property rights
None of the above.
Why does the government use fiscal policy?
keep the economy healthy
minimize the effects of depressions
minimize the effects of recessions
All of the above.
What are the aims of monetary policy?
keep the economy healthy
low and stable inflation rate
maintain the foreign exchange rate
All of the above.
