Econ Review

Front

Which of the following best describes how a free enterprise society answers the basic economic questions?
Options:
Allow the market to set prices for goods and services.
Provide the State with ownership of all means of production.
Exchange goods by means of individual bartering.
Follow customs and traditions in deciding what to produce.

Back

Allow the market to set prices for goods and services.

Front

Your high school diploma adds to which factor of production?

Back

Human capital

Front

The price of gas has increased and people are moving away from their old gas guzzlers to more fuel efficient cars. This is an example of:

Back

Substitution effect

Front

What is a characteristic of money? Options: Intangible, Portable, Unlimited, Elastic

Back

Portable

Front

An appropriate title to the chart would be: Scarcity of Resources, Factors of Production, Opportunity Cost, Macroeconomics

Back

Factors of Production

Front

The author is describing the characteristic of a system that was first introduced by: Adam Smith, Karl Marx, John Maynard Keynes, Friedrich Hayek

Back

Adam Smith

Front

Which of the following could be a demand determinant of cell phones? Government increases taxes on cellular phone production. Government increases regulations on cell phone manufactures. A new model of smart phones is released on the market. Japanese touchscreen factories are destroyed in an earthquake.

Back

A new model of smart phones is released on the market.

Front

A business owner should select which price for their good to reach equilibrium? Options: $1.50, $3.00, $4.50, $9.00

Back

$4.50

Front

An opportunity cost of Sharon's decision to study hard to pass her Economics test would be -

Back

Time spent chatting with her friends

Front

Which of the following describes the process above? Options: Completing the FAFSA, Filling out income taxes online, Writing your college essay, Applying for the SAT/ACT

Back

Completing the FAFSA