Module 2 Exam

Module 2 Exam

20 Qs

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Module 2 Exam

Module 2 Exam

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Created by

Kendall LaPoint

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The Study of economics is primarily concerned with:

Determining the most equitable distribution of society's output.
Choices that are made in seeking to use scarce resources efficiently
Demonstrating that capitalistic economics are superior to socialistic economies.
Keeping private businesses from losing money

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

In this type of economy, production is determined by tradition, ritual, or custom.

traditional economy
free market economy (capitalism)
mixed economy (socialism)
command economy (communism)

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Andy's two nephews want to travel to Philadelphia with him to see a show. Andy has two free plane tickets and three tickets to the show. Which of the following best describes the two plane tickets?

A long-term benefit
A short-term cost
An opportunity cost
A scarce resource

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

You are tired of chewing your gum in class, so you stick it under your desk. You would probably never do this to your desk at home. Which economics concept explains this?

opportunity cost
scarcity
Tragedy of the Commons
market economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The Four Factors of Production are:

Land, Labor, Capital, and Money
Land, Labor, Capital, and Entrepreneurship
Land, Capital, Technology, and Entrepreneurship
Land, Capital,Entrepreneurship , Money

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

In this type of economy, the government gets involved in the economy but does not control all aspects.

traditional economy
free market economy
mixed economy
command economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

Use this image to answer the following question. Marcy's boss at Burger World said she has to work at least 12 shifts a week. What would be the most efficient number of college classes for her to take each week?

Zero
One
Four
Six

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