Externalities occur when:

An uninvolved third party is affected by an economic action

Which of the following does NOT describe a command economy?

High competition among businesses

What is the economic definition of land?

Natural resources needed for production

Traditional economies fall short because:

They struggle to achieve economic growth

How do mixed economies differ from free market economies?

The government regulates some parts of a mixed economy

Which of the following goods would be inelastic?

The price of airline travel for an international businessman

What would be an example of human capital for a doctor's office?

The knowledge to perform a physical

Elasticity is a measure of what?

How dramatically quantity will change when price changes

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Economics Final Quiz

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Economics final Beecher

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Questions 22

Answers

1
Externalities occur when:
Jobs leave the country
An uninvolved third party is affected by an economic action
Firms are inefficient
The business cycle is in a period of contraction
2
Which of the following does NOT describe a command economy?
Low economic freedom
Can quickly make economic decisions
High competition among businesses
Government control of production
3
This idea says that there are limited goods and services and unlimited wants
Economics
Opportunity cost
Shortage
Scarcity
4
What movie starred Jamie Foxx as a slave turned bounty hunter?
Django Unchained
Roots
12 Years a Slave
Collateral
5
What is the economic definition of land?
Workers
Natural resources needed for production
The building where operations are conducted
The money this invested into a business
6
The study of individual decisions of firms and household is what type of economics
Labor economics
Macroeconomics
Applied economics
Microeconomics
7
Traditional economies fall short because:
Traditional economies cannot sustain themselves
The government controls all production
They struggle to achieve economic growth
There is no cooperation in traditional economies
8
The law of supply says that as price increases, quantity supplied will ___________.
Remain the same
Increase
Become more elastic
Decrease
9
Which of the following is an example of a good?
A cellphone
Medical care
Building a house
Serving someone a meal
10
A true free market economy:
Is very economically efficient
All of the above
Has no government intervention
Is regulated solely by supply and demand
11
The law of demand says that :
QD increases when P increases
QS increases when P increases
QD increases when P decreases
QS increases when P decreases
12
How do mixed economies differ from free market economies?
Mixed economies consist mostly of manufacturing jobs
Free market economies are able to provide greater security
The government regulates some parts of a mixed economy
A mixed economy gives the government control of production
13
Your opportunity cost is always your______ choice.
Third
Least desired
First
Second
14
Which of the following goods would be inelastic?
The price of a new car
The price of food at the grocery store
The price of items on the dollar menu
The price of airline travel for an international businessman
15
Which of the following is not a factor of production?
Land
Labor
Capital
Technology
16
What fish was discovered in 1938 that was thought to be extinct for 66 million years?
The dunkleosteus
The enchodus
The coelacanth
The tuatara
17
What would be an example of human capital for a doctor's office?
The scale
The doctor's stethoscope
The knowledge to perform a physical
The size of the parking lot
18
Elasticity is a measure of what?
How dramatically quantity will change when price changes
How much of a good someone wants to buy
Economic health
How far banks will allow business to stretch loans
19
Which of the following would be a complement for spaghetti?
Ice cream
Breadsticks
Ravioli
Olive Garden
20
How many players play on a soccer team?
9
11
10
12
21
Which of the following is an example of a substitute for a jacket?
A hoodie
A dress
A clothing store
A leather belt
22
Demand curves shift in which direction?
Downwards
Horizontally
Upwards
Vertically

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