which would be considered in the study of MICROECONOMICS

study of car industry and how many cars sold

In market economy, the 3 essential economic questions are decided by

actions of the buyers and sellers

Which of the following best describes the US economy

Market based / mixed with socialism

Most countries in the world today have an economy best described as.....

Mixed economy / some market / some socialism

Which of the following is NOT a Conservative economic thought

there needs to more laws preventing pollution

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Unit 1 Practice

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Unit 1 CP Econ

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Questions 23

Answers

1
when faced with scarcity, you will be faced with
tradeoffs
opportunity costs
ALL of the above
CHOICES
2
Which of the following is NOT a human resource
Knowledge
Effort
Minerals
Skill
3
John is "RATIONAL" if he went to the game when .....
X = Y + Z
it was costlier than the cost of coasting
the cost of a ticket was $10
the benefit > cost of going
4
which would be considered in the study of MICROECONOMICS
study of Macroeconomics
study of housing sector and its impact on unemployment
study of car industry and how many cars sold
study of energy industry and how it impacted US prices
5
high taxes, universal health care, free education
socialism
copernicus
sarcasm
capitalism
6
In market economy, the 3 essential economic questions are decided by
actions of the buyers and government
actions of the buyers and sellers
actions of the BANKS
actions of the traditions and customs
7
which of the following is NOT a main aspect of the study of Economics
study of opportunity costs
study of money
study of scarcity and tradeoffs
study of people and choices
8
Which of the following best describes the US economy
Market based / mixed with socialism
Market based / Laissez-Faire
Market based / Communism
Traditional based / Capitalism
9
Which of the following Is Not one of the 3 basic economic questions
What to produce
For Whom to produce it
How to produce it
Why to produce it
10
Marx's final step for communism was for the....
government to control the economy
government to disappear
bourgeoisie to become bougie bougie
proletariat to overthrow the bourgeoisie
11
which of the following is NOT true of economics
it is the economics of money
it is the "dismal science"
it is a social science
it means to "manage a household"
12
The machines and tools used to make other consumer goods
CAPITALISM
CAPITAL
CAPABILITY
CAPITAL CITY
13
Unemployment, GDP, Inflation are examples of the study of
macroeconomics
macronomy
microeconomics
big macs
14
Most countries in the world today have an economy best described as.....
Command based / with some free markets
Mixed ingredients for baking
Mixed economy / some market / some socialism
Market based / with maximum govt. regulation
15
based on agriculture and hunting/gathering
TRANSFER Economy
Tranquility Economy
TRADITIONAL Economy
TRADE Economy
16
opportunity costs exist because of
SCARE CROWS
scare city
scarcity
economics
17
Which of the following is NOT a Conservative economic thought
there needs to more laws preventing pollution
congress will cut spending on welfare
there need to be less laws on gun ownership
we should adopt laissez faire policies
18
Communism (in the modern use) is usually associated with
COMMON Economy
Minimal Economy
Market Economy
COMMAND Economy
19
Govt. controls essential industries, but allows some private ownership
STOICISM
SOCIETY
Satanism
Socialism
20
Market economies are associated with
Communism
Capitalism
CORRECTIVE LENSES
CAPITAL LETTERS
21
Which of the following is a factor of production?
SOCKS
stocks AND bonds
CAPITULATION
land
22
Which of the following ideas would be supported by a "liberal Democrat"
none of the choices
reduce spending on social welfare
lowering the Minimum wage
sponge bob taxes
23
Jill got fired because the min. wage went up / couldnt afford to pay her. This is example of
Intentional consequences
Perverse Incentives
unintentional intentions
Hyperbole

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