Economics MidTerm Exam Spring 2023

Economics MidTerm Exam Spring 2023

25 Qs

quiz-placeholder

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Economics MidTerm Exam Spring 2023

Economics MidTerm Exam Spring 2023

Assessment

Quiz

others

Hard

Created by

Erin Lee

Used 1+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

What is the basic economic condition that exists when unlimited wants exceed limited productive resources?
opportunity cost
scarcity
rational decision-making
productive resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Which of the following is NOT one of the productive resources?
land
labor
consumers
entrepreneurship

3.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

One strength of a market economic system is
they allow producers very little freedom.
they cannot guarantee security and fairness.
they do not respond quickly to change.
they offer profit motive to entrepreneurs.

4.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

A person decides to spend $20 on a trip to a movie with popcorn instead of buying a $20 shirt. What is the opportunity cost of the decision in this example?
$20
The benefit of owning a new shirt.
The enjoyment gained from experiencing the movie.
A third choice s/he could have spent the $20 on instead.

5.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Which of the following refers to the "additional" benefit or cost of a rational decision?
utility
marginal
allocate
distribute

6.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Bill must decide between using the $20 he has on hand to either go to the movies with his best friend or buy a gift for the girl he likes. If Bill decides that the marginal benefit he would get from buying the girl the gift is greater than the marginal cost, the rational economic choice for Bill would be
to go to the movies with his best friend.
to buy the gift for the girl he likes.
to avoid any opportunity cost.
to save his resources for another time.

7.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Amanda is offered a raise and a brand new office if she can double her sales totals from the previous year. Amanda's employers are attempting to motivate her with
a negative incentive.
compound interest.
a positive incentive.
human capital.

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