FREE ECONOMICS AND STUDY GAMES ABOUT

PDF Download

FREE ECONOMICS AND STUDY GAMES ABOUT

ECONOMICS STUDY GUID EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -40 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: A philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a society?

Answer:

Socialism

Question 2: This helps regulate a mixed economy?

Answer:

Competition Question 3: Most desirable alternative given up when people choose one course of action over another?

Answer:

Opportunity cost

Question 4: Which individual is known as the father of communism?

Answer:

Karl Marx

Question 5: What is a factor building an example of?

Answer:

Physical Capital

Question 6: The resources used to make all goods and services are the?

Answer:

Factors of production

Question 7: What is the motivating force behind the free market?

Answer:

Self-interest

Question 8: What is an important advantage of a free market?

Answer:

It offers a wide variety of goods and services.

Question 9: Human capital includes?

Answer:

A taxi driver's knowledge of the city.Question 10: A government prints and distributes posters to inspire workers to increase their productivity. In which kind of economy does this most likely take place?

Answer:

Centrally planned economy Question 11: What is the struggle among various producers for the consumer's business called?

Answer:

Competition Question 12: In which of the following lists of mixed economies does the market system dominate?

Answer:

United States, United Kingdom, Singapore, and Hong Kong.

Question 13: Suppose there is a family in which all the boys are expected to become farmers when they are adults, just as their fathers and grandfathers did. In which of economy do they participate?

Answer:

Traditional economy

Question 14: Which of the following is an example of a service?

Answer:

Oil change

Question 15: What kind of economy does the government make all the decisions?

Answer:

Centrally planned

Question 16: Actions or activities that one person performs for another?

Answer:

Services

Question 17: Physical objects that can be exchanged?

Answer:

Goods Question 18: A person who believed in the doctrine of laissez faire would disapprove of?

Answer:

Government funding of education.Question 19: Why does even a free market economy need some government intervention?

Answer:

To provide for things that the marketplace does not address.

Question 20: Which of the following is NOT a key economic question?

Answer:

How should it be ensured that goods and services are paid for?

Question 21: Why do markets exist?

Answer:

Markets allow people to buy what they need to consume and sell the specialized goods and services they produce.

Question 22: What incentive do manufacturers have to sell their products?

Answer:

Making profits on sales.

Question 23: Which of the following makes someone an entrepreneur?

Answer:

Running a service that hires people to install sprinkler systems in lawns.Question 24: Any resources that are made by humans and used to create other goods and services are called?

Answer:

Capital

Question 25: Which of the following was a free market philosopher?

Answer:

Adam Smith

Question 26: What is the opportunity cost of a decision?

Answer:

The most desirable alternative given up for the decision.Question 27: An economic system requiring strict obedience to someone such as a dictator?

Answer:

Communism Question 28: An economic system that permits the conduct of business with minimal government intervention?

Answer:

Free enterprise