The study of how individuals, institutions, and society make choices under the conditions of scarcity is
Economics Midterm

Quiz
•
Financial Education
•
12th Grade
•
Medium
Taylor Montgomery
Used 2+ times
FREE Resource
33 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
allocation.
deregulation.
economics.
specialization.
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Mr. Stevens owns a building in downtown Bentonville. He has considered opening a sporting goods store in the building but has also been approached by someone who would like to rent the space to open a gym. If Mr. Stevens decides to open his sporting goods store, what is the opportunity cost of this decision?
the opportunity to rent it to another tenant
the property tax he would pay on the building
the opportunity he has to run his own business
the profits he would make from his sporting goods store
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Refer to the table provided and answer the following question: Based on the table, what is the marginal cost when the number of workers increases from 2 to 3?
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11
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A company is trying to decide how many workers to hire. They want to maximize profits. What is the maximum number of workers the company can hire to maximize profits while not having marginal costs exceed marginal revenue?
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5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which statement is a PRIMARY characteristic of a capitalist system?
graduated income tax
private ownership of property
equal distribution of resources
governmental regulation of business
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
When the amount of output produced by a given amount of inputs increases, the MOST LIKELY result is
overall productivity rises.
economic interdependence rises.
consumer spending on productive resources increases.
business spending on productive resources increases.
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What does the acronym FAFSA mean?
Free Application for Free Student Aid
Federal Application for Free Student Aid
Free Application for Federal Student Aid
Federal Application for Federal Student Aid
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