SS paper quiz.docx

Lesson Quiz 20-1

1. unintended side effect of an action - B. externality

A. antitrust law

B. externality

C. merger

D. monopoly

E. recall

2. sole provider of a good or service - D. monopoly

A. antitrust law

B. externality

C. merger

D. monopoly

E. recall

3. combination of two or more companies

into a single business - C. merger

A. antitrust law

B. externality

C. merger

D. monopoly

E. recall

4. situation in which an unsafe product is

pulled off the market - E. recall

A. antitrust law

B. externality

C. merger

D. monopoly

E. recall

5. legislation to preserve competition - A. antitrust law

A. antitrust law

B. externality

C. merger

D. monopoly

E. recall

6. Which of these statements describes public goods? - D. They are paid for through taxes and other fees collected by government.

A. Businesses produce them for a profit.

B. People are barred from owning or using them unless they pay for them.

C. They are consumed by one person.

D. They are paid for through taxes and other fees collected by government.

7. Which government agency maintains competition in the marketplace? - B. Federal Trade Commission

A. Consumer Product Safety Commission

B. Federal Trade Commission

C. Occupational Safety and Health Administration

D. Sherman Antitrust Agency

8. Which of these often owns natural monopolies of water and sewer services? - B. private companies

A. federal government

B. private companies

C. state government

D. local government

9. "This shampoo will make your hair grow faster." Which government agency

makes sure that the company who wrote this advertisement is telling the truth

about its shampoo? - C. FDA

A. CDC

B. CPSC

C. FDA

D. EPA

Lesson Quiz 16-1

1. Individuals and businesses own the resources used to produce goods and

Services. - C.market economy

A. command economy

B. economics

C.market economy

D. mixed market economy

E. traditional economy

2. Economic questions are answered on the basis of habit or custom. - E. traditional economy

A. command economy

B. economics

C.market economy

D. mixed market economy

E. traditional economy

3. Planners who work for the government answer the economic questions. - A. command economy

A. command economy

B. economics

C.market economy

D. mixed market economy

E. traditional economy

4. This is the study of how people use limited resources to satisfy unlimited

Wants. - B. economics

A. command economy

B. economics

C.market economy

D. mixed market economy

E. traditional economy

5. Government and private business owners play roles in a competitive-for-profit system. - D. mixed market economy

A. command economy

B. economics

C.market economy

D. mixed market economy

E. traditional economy

6. Which type of resource is a factory building? - A. capital resource

A. capital resource

B. intermediate resource

C. human resource

D. natural resource

7. Scarcity is the basic economic problem because - B. all resources are limited, but wants are not.

A. all expensive goods cannot be shared equally.

B. all resources are limited, but wants are not.

C. nations must spend money for resources they do not have.

D. people face shortages on a seasonal basis.

8. What are the three economic questions all societies must answer? - A. what, how, and for whom to produce

A. what, how, and for whom to produce

B. when, where, and how to produce

C. where, why, and how many to produce

D. why, what, and where to produce

9. In which system are economic decisions made based upon price? - A. market economy

A. market economy

B. command economy

C. communist economy

D. traditional economy

Lesson Quiz 16-2

1. The cost of the next-best use of your money or time when you choose to do one thing

rather than another is known as __________ - A. opportunity cost

A. opportunity cost

B. Variable costs

C.Fixed costs

D. Marginal cost

2. Expenses that do not change no matter how much a business produces are called _________ - C.Fixed costs

A. opportunity cost

B. Variable costs

C.Fixed costs

D. Marginal cost

3. Expenses that change depending on how much a business produces are called

__________ - B. Variable costs

A. opportunity cost

B. Variable costs

C.Fixed costs

D. Marginal cost

4. The increase in expenses caused by producing an additional unit of something is called

__________ - D. Marginal cost

A. opportunity cost

B. Variable costs

C.Fixed costs

D. Marginal cost

5. Giving up one alternative good or service for another is called - C. a trade-off

A. an opportunity lost.

B. a scarcity.

C. a trade-off.

D. a want.

6. Which of these is an example of a fixed cost? - B. electric bill

A. money spent on supplies

B. electric bill

C. employee wages

D. rent

7. The additional income received from each increase of one unit in sales is called the - C. marginal revenue

A. marginal benefit.

B. marginal profit.

C. marginal revenue.

D. total revenue.

8. According to the rule of marginal analysis, one should continue producing a good or

service until the - A. marginal cost is equal to the marginal revenue.

A. marginal cost is equal to the marginal revenue.

B. marginal cost is less than the marginal revenue.

C. total cost is equal to the total revenue.

D. total cost is more than the total revenue.

9. What do businesses utilize when making decisions among various projects? - A. benefit-cost analysis

A. benefit-cost analysis

B. optional analysis

C. profit-margin analysis

D. trade-off analysis

Lesson Quiz 20-3

1. A person with a bachelor's degree can earn nearly twice as much as a person

with only a high school degree. - A. True

A. True

B. False

2. One service of the federal government is to provide low-cost loans to students

who want to go to college. - A. True

A. True

B. False

3. The circumstances of the family a child is born into have no effect on that child's potential economic opportunity. - B. False

A. True

B. False

4. The Equal Pay Act of 1963 has closed the pay gap between women and men. - B. False

A. True

B. False

5. About one in seven U.S. residents lived in poverty in 2009. - A. True

A. True

B. False

6. The Lilly Ledbetter Fair Pay Act of 2009 - A. allows workers who suffer unfair treatment because of their gender to sue employers.

A. allows workers who suffer unfair treatment because of their gender to sue

employers.

B. bans discrimination based on gender, race, color, religion, and national origin.

C. gives job protection to people with physical and mental disabilities.

D. requires that men and women be given equal pay for equal work.

7. Who established the first welfare programs in the United States? - A. President Franklin D. Roosevelt

A. President Franklin D. Roosevelt

B. President George Washington

C. President John F. Kennedy

D. President Lyndon B. Johnson

8. What do poverty guidelines reflect? - B. the cost of food, clothing, and shelter to survive

A. the amount of benefits for injured workers

B. the cost of food, clothing, and shelter to survive

C. the number of poor Americans in a metropolitan area

D. the percentage of tax dollars to deduct for unemployment insurance

Lesson Quiz 17-1

1. quality of life based on the possessions of necessities and luxuries - E. standard of living

A. capital

B. entrepreneurs

C. Gross Domestic Product

D. natural resources

E. standard of living

2. materials in nature that make production possible - D. natural resources

A. capital

B. entrepreneurs

C. Gross Domestic Product

D. natural resources

E. standard of living

3. value of annual output in a country - C. Gross Domestic Product

A. capital

B. entrepreneurs

C. Gross Domestic Product

D. natural resources

E. standard of living

4. tools, machinery, and buildings used to make products - A. capital

A. capital

B. entrepreneurs

C. Gross Domestic Product

D. natural resources

E. standard of living

5. people who take risks to start new businesses or introduce new products - B. entrepreneurs

A. capital

B. entrepreneurs

C. Gross Domestic Product

D. natural resources

E. standard of living

6. Of all the goods and services in the world, about how much does the United

States produce? - B. one-fifth

A. one-eighth

B. one-fifth

C. one-half

D. one-third

7. GDP reflects the price of - B. All final goods and services.

A. all goods and services.

B. All final goods and services.

C. intermediate goods and services.

D. only producer goods and services.

8. Why is GDP per capita a better measure than GDP when comparing the

economic activity of countries? - B. It states GDP in output per person in the country.

A. It includes environmental measures such as pollution.

B. It states GDP in output per person in the country.

C. It tells how many rich people there are in a nation.

D. It tells how goods and services were produced in a nation.

9. GDP measures the amount produced within a country as well as a nation's - A. income.

A. income.

B. poverty.

C. resources.

D. standard of living.

Lesson Quiz 17-3

1. One reason the U.S. marketplace can adapt quickly to changing economic conditions is because of the free enterprise principle of _____________ - A. Economic freedom

A.economic freedom

B.Supply and demand

C.profit motive

D. Competition

E. Private property rights

2. The two forces in a free enterprise system that decide what producers will produce and what consumers will purchase are ___________ B. Supply and demand

A.economic freedom

B.Supply and demand

C.profit motive

D. Competition

E. Private property rights

3. The incentive that drives the U.S. economy is the __________ - C. profit motive

A.economic freedom

B.Supply and demand

C.profit motive

D. Competition

E. Private property rights

4. __________ among producers leads to greater efficiency, higher-quality products, and more satisfied customers. - D. Compitition

A.economic freedom

B.Supply and demand

C.profit motive

D. Competition

E. Private property rights

5. Owning, keeping, and using something you purchase any way you wish is the free

enterprise feature of ______________ E. private property rights

A.economic freedom

B.Supply and demand

C.profit motive

D. Competition

E. Private property rights

6. Who makes most of the economic decisions in the United States? - A. citizens

A. citizens

B. federal government

C. planning boards

D. state governments

7. Economists refer to the activity that takes place in the markets as - D. voluntary exchange.

A. choice.

B. opportunity cost.

C. scarcity.

D. voluntary exchange.

8. Which entrepreneur invested $1.50 in savings to start a business and became one of the first women millionaires in the United States? - D. CJ. Walker

A. Marjory Stoneman Douglas

B. Sandra Day O'Connor

C. Alice Paul

D. CJ. Walker

9. Adam Smith argued that the best way for society to advance was for - C. people to work for their own self-interest.

A. government to take an active part in the economy.

B. markets to be limited to preserve resources.

C. people to work for their own self-interest.

D. producers to limit their goods and services.

Lesson Quiz 23-2

1. Countries that have low GDPs per capita are called _____________ - A. developing countries

A. developing countries

B. Newly industrialized countries.

C. Privatization

D. Supply & demand

E. Debt

2. Countries that are growing economic powers that have not yet reached the level of output of developed countries are called ________________ - B. Newly industrialized countries.

A. developing countries

B. Newly industrialized countries.

C. Privatization

D. Supply & demand

E. Debt

3. The process of changing state-owned businesses into ones owned by private citizens is called ____________ - C. Privitization

A. developing countries

B. Newly industrialized countries.

C. Privatization

D. Supply & demand

E. Debt

4. People who live in countries that switched from command to market economies had to

learn to make economic decisions based on ___________ - D. Supply and Demand

A. developing countries

B. Newly industrialized countries.

C. Privatization

D. Supply & demand

E. Debt

5. Many developing countries that borrowed large sums of money to encourage economic growth now face the problem of __________ - E. Debt

A. developing countries

B. Newly industrialized countries.

C. Privatization

D. Supply & demand

E. Debt

6. Who owns the factors of production in a market economy? - B. individuals

A. the federal government

B. individuals

C. society as a whole

D. state governments.

7. An advantage of a command economy is that it can - C. redirect resources rapidly.

A. lead to surpluses.

B. provide many consumer choices.

C. redirect resources rapidly.

D. reward consumers with private property.

8. One way the government is involved in a mixed economy is by - B. setting minimum pay.

A preventing competition.

B. setting minimum pay.

C. promoting externalities.

D. setting prices.

9. A single-resource economy depends on - A. the export of one product.

A. the export of one product.

B. the import of one product.

C. the industrialization of the entire workforce.

D. trade with one country.