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Pre Test - Economics Flashcards | StudBud
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Pre Test - Economics
Pre Test - Economics
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Basics of economics
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Which is not a type of union?
local
industrial
private
craft
2
What is gross income?
an individual's total personal income, after tax
half of an individual's total personal income
an individual's amount of debt after income
an individual's total personal income, before tax
3
Which is a condition of perfect competition?
price is controlled by the government
no control on price
large numbers of buyers and suppliers
buyers must know market price
4
What is needed for a professional job?
high school diploma
a college degree
additional education
a briefcase
5
What determines price?
output
type of job
location
skill
6
Which is not a factor of production?
luxury
lakes
labor
land
7
Which is not an unskilled worker's job?
custodial work
assembly line
bartender
waiting on tables
8
What is marginal cost?
cost subtracted when nothing is produced
cost added when product production is too little
cost subtracted when one extra item of a product is produced
cost added by producing one extra item of a product
9
Which is not an economic system?
Market
Command
Production
Traditional
10
What is America's economic system?
Traditional
Command
Mixed
Market
11
Economics is the study of when...
people who don't care about money
people make choices to fulfill their wants w/ few resources
people get whatever they want whenever they want.
people can't get anything because they have no money.
12
What is scarcity?
a combination of limited resources and wants
a combination of unlimited resources and wants
a combination of unlimited resources and limited wants
a combination of limited resources and unlimited wants
13
Which is not a consumer right?
right to resell
right to be informed
right to be heard
right to safety
14
Which is not a type of unemployment?
seasonal
structural
unstructural
frictional
15
Which is a characteristic of socialism?
most prices are set by the state
most of the factors of production are used by the public
the public controls the economy
the government has little control over the economy
