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WorksheetsEconomics Ch 16 Test Review
Total questions: 13
Worksheet time: 7mins
Which of the following is a want?
clothing
food
shelter
vacations
Which factor is most likely to cause the supply of a product to decrease?
a decrease in consumer demand
a decrease in the price of resources used to make the product
an increase in the number of consumers
an increase in the number of suppliers
The loss of four years of income resulting from the decision to go to college is the
marginal cost.
opportunity cost.
total cost.
variable cost.
Which factor has the MOST significant influence on the quantity supplied of any product?
expectations of consumers
new technology
number of consumers
cost of producing the product
Which is an example of how to produce?
building new roads
making weapons
providing services for citizens
regulating the amount of pollution factories can produce
Which of the following is a characteristic of a market economy?
The government limits the quantity of products made.
The government limits the variety of products made.
People have the freedom to choose from a variety of products.
Prices are inflexible.
If the fixed costs of producing dresses are $1,000 and the variable costs are $500, then the total cost is
$500.
$1,000.
$1,500.
$4,500.
The choices all societies must make about production are driven by (a)
Which of the following represents marginal cost?
the expense of producing one additional unit
mortgage payments
the sum of fixed costs and variable costs
wages and raw materials
Which of the following is a human resource?
goods
knowledge
oil
tools
Choosing to buy a DVD player instead of something else is an example of (a)
The extra income that results from selling one more unit of the output is the
average total revenue.
fixed revenue.
marginal revenue.
total revenue.
If 20 bottles of soda are sold for $2.00 each, what is the total revenue?
$10.00
$22.00
$40.00
$42.00
