Which sentence BEST describes the effects of regulation and deregulation?

Both regulation and deregulation have benefits and costs.

A market economy depends on

private ownership and control of resources

Which could cause the shift of the demand curve from D1 to D2 in the graph above?

A new health report says that yogurt keeps you healthy.

One weakness of market systems is that

they cannot guarantee security and fairness

Which sentence BEST describes the economic problem of scarcity?

It is the basic economic problem facing all societies.

What is the opportunity cost of spending $20 on a football game instead of a jacket?

the benefit of owning a warm jacket

To pay for MOST public goods and services in the United States,

the govt collects taxes from individuals and businesses

The MAIN reason that modern command economies have failed is

government decision-making led to shortages and inefficiency

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Economics EOC Review 1

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The following questions are review questions from Fundamental Concepts and Microeconomics in accordance with the GPS for Economics.

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Questions 15

Answers

1
Look at the PPC. Which point represents an inefficient use of resources?
Point F
Point D
Point C
Point E
2
Which sentence BEST describes the effects of regulation and deregulation?
Regulation benefits buyers, deregulation benefits sellers.
Regulation helps both buyers and sellers; deregulation hurts
Both regulation and deregulation have benefits and costs.
Regulation helps sellers, while deregulation helps buyers.
3
Your local electric company operates in a market structure known as a(n)
monopoly
monopolistic competition
oligopoly
perfect competition
4
A market economy depends on
limited competition and profits
an equal distribution of wealth
private ownership and control of resources
government ownership and control of resources
5
Which could cause the shift of the demand curve from D1 to D2 in the graph above?
Yogurt prices fall due to a milk surplus.
A new health report says that yogurt makes you sick.
A new health report says that yogurt keeps you healthy.
Yogurt prices rise due to a milk shortage.
6
If the U.S. govt buys airplanes from an American company, the govt is participating in the
factor market
stock market
product market
public market
7
One weakness of market systems is that
they provide very few choices for consumers
they cannot guarantee security and fairness
they do not respond quickly to change
they allow producers very little freedom
8
Which sentence BEST describes the economic problem of scarcity?
It exists only after a natural disaster.
It existed only in the past when there was no technology.
It exists only in poor, underdeveloped nations.
It is the basic economic problem facing all societies.
9
What is the opportunity cost of spending $20 on a football game instead of a jacket?
the benefit of owning a warm jacket
$20
the enjoyment of the football game
the opportunity to learn about football
10
To pay for MOST public goods and services in the United States,
the govt collects fees from those who use them
private charities collect donations
buyers pay corporations to deliver public goods and services
the govt collects taxes from individuals and businesses
11
In which type of economic system does the government control all economic resources?
market
traditional
command
mixed
12
The MAIN reason that modern command economies have failed is
housing prices were too high
governments favored public works over consumer goods
government decision-making led to shortages and inefficiency
consumers demanded more freedom in the marketplace
13
Rosa started a petwalking business. What productive resource does Rosa represent?
land
labor
entrepreneurship
capital
14
The flow of money from consumers to producers is illustrated by the path from
5 to 7
1 to 3
8 to 6
4 to 2
15
The MAIN requirement for any type of money to become a medium of exchange is that it be
accepted as payment
made of precious materials
easy to carry
easy to divide into units

Economics EOC Review 1 Flashcards | StudBud