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OBarclay 3rd 9 wks ex study gd Econ quiz

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OBarclay 3rd 9 wks ex study gd Econ quiz
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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purpose of government in a command economy is to

ensure the availability of consumer products
make major economic decisions
encourage entrepreneurs
promote economic freedom

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Actions in one part of the country or world that have an economic impact on what happens eslewhere are examples of 

opportunity costs
economic interdependence
trade-offs
specialization

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The money used to buy the tools and equipment needed for production is known as

financial capital
wealth
capital goods
the factors of production

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economy at its production possibilities frontier is operating 

with slow economic growth
at full potential
without division of labor
as a free enterprise economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A popular model used to illustrate the concept of opportunity cost is

the production possibilities fronier
entrepreneurship
the paradox of value
the factors of production

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The dollar value of all final goods and servces and the most compehensive measure of a country's total production output is

Gross Domestic Product (GDP)
a cost-benefit analysis
financial capital
its standard of living

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of economics is important because it enables us to 

describe our standard of living
increase our consumption of consumer goods
become better decision makers
determine what goods ought to be produced

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