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Quiz
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History
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12th Grade
•
Practice Problem
•
Hard
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26 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is true in a command economy?
There is more private ownership of the factors of production than in a market economy.
Production decisions are based on the incentive of firms to maximize profits.
The government directs the use of factors of production.
The price system is used to allocate resources.
There is more freedom of enterprise than in a market economy.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dr. Art and Dr. Zed jointly own an outpatient surgery practice. Dr. Art takes 2 hours to perform knee surgery and 1 hour to perform elbow surgery. Dr. Zed takes 4 hours to perform knee surgery and 1 hour to perform elbow surgery. Which of the following conclusions is supported by the information provided?
Responses
Dr. Art has a comparative advantage in elbow surgery.
Dr. Zed has a comparative advantage in elbow surgery.
Dr. Zed does not have a comparative advantage in performing either procedure.
Dr. Art does not have a comparative advantage in performing either procedure.
Dr. Zed has an absolute advantage in performing both procedures.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dana and Robin produce smoothies and pizza. In one hour Dana can make 20 smoothies or 10 pizzas. In one hour Robin can make 18 smoothies or 6 pizzas. Which of the following statements is true?
Responses
Robin has an absolute advantage in making smoothies and a comparative advantage in making pizzas.
Robin has both an absolute advantage and a comparative advantage in making pizzas.
Dana has a comparative advantage in making both smoothies and pizzas.
Dana has a comparative advantage in making pizzas, and Robin has a comparative advantage in making smoothies.
Dana has a comparative advantage in making smoothies, and Robin has a comparative advantage in making pizzas.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The opportunity cost of owning a business is equal to which of the following?
The economic profits earned in the business
The accounting profits earned in the business
The profits that could be earned in another business using the same amount of resources
Responses
I only
II only
III only
I and III only
I, II, and III
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a command economy, the quantity of computers produced would be determined by
factory owners
the government
consumers and producers
international trade
the wealthy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An opportunity cost is entailed in which of the following situations?
A student decides to attend college full-time.
A family uses its $20,000 savings to purchase an automobile.
A farmer decides to grow more wheat and less corn.
Responses
I only
II only
III only
I and III only
I, II, and III
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assume that an economy produces televisions and shoes. Which of the following would cause the production possibilities curve for this economy to shift outward?
Responses
An increase in the labor force
An increase in the prices of both goods
An increase in the prices of resources used to produce both goods
A decrease in the demand for shoes
A change in consumers’ tastes in favor of televisions
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