WorksheetsEcon ch 1-2 review
Total questions: 18
Worksheet time: 9mins
Which economy answers the 3 questions by repeating prior experience?
command
free market
mixed
traditional
The invisible hand drives the economy is which system?
command
free market
mixed economy
traditional
In a socialist economic system, who owns the factors of production?
the government
private citizens
no one
businesses
Which is NOT true of scarcity?
scarcity forces choice
scarcity can be resolved
scarcity exists in all resources
scarcity exists in all economic systems
Which of these are factors of production?
entrepreneurship
land
labor
investment
In a command economy, decisions are made by
voluntary exchange
central authority
cost-benefit analysis
opportunity cost analysis
Which of these is an example of a capital resource?
master plumber
excavator
seeds
corvette
Which is a modern example of command economy?
Great Britain
Japan
Cuba
South Korea
Positive economics is based on
whether an outcome is beneficial
whether variables move in the same direction
GDP statistics
information that is testable
The people have shared ownership of the production process and resources in which economy?
socialism
capitalism
traditional
communism
What do Normative economists use?
data
analysis
testable
facts
value
judgements
score
tables
Any decision may have multiple
trade-offs
opportunity costs
results
profits
The price of chicken increased as the supply of meat available for purchase decreased. This is an example of
positive relationship
direct relationship
indirect relationship
inverse relationship
Which is NOT a cause of economic growth?
additional consumers
additional resources
new knowledge
new technology
The Employment Act of 1946 set the economic goal of full employment. Which goal was added to the Act later?
zero inflation
expanded employment for teens
stable prices
Social Security benefits
The production possibilities curve relies on which assumptions?
labor and capital change but land remains fixed
that technology is assumed to be fixed
that land and labor are increasing but that capital remains fixed
that land, labor, and capital are all increasing
How does the production possibilities curve shift when economic growth occurs?
curve moves inward
curve moves outward
curve moves upward
curve moves downward
The decision about how much more or less to do us called:
net benefit
marginal benefit
cost analysis
marginal analysis
