5708381
Descripción
Test por Nikolas Reece, actualizado hace más de 1 año
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Creado por Nikolas Reece
hace casi 8 años
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Pregunta 1
Pregunta
Which of the following is the MAJOR problem facing all economies?
Respuesta
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Allocating scarce resources among competing users
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Achieving an equal distribution of income
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Preventing the depletion of natural resources
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Achieving a fair distribution of wealth
Pregunta 2
Pregunta
An ‘economy’ is BEST described as a system where
Respuesta
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Suppliers produce all the goods and services needed by the consumers
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Resources are used by manufacturers to produce goods and maximize profits
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All the goods and services used by the citizens of a country are provided by the government
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Resources are used to produce goods and services to meet the needs and wants of society
Pregunta 3
Pregunta
Sita and Peter are planning to buy a new house. Which of the following factors should not affect the couple’s decision?
Respuesta
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Their joint monthly income
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The possibility of a job promotion for Peter
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The high cost of renting their current home
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The acquisition of a new home by Sita friend
Pregunta 4
Pregunta
A student has daily allowance of $20 with which he can purchase chicken and chips or a burger, but NOT both. If he purchases the chicken and chips, the opportunity cost of his decision will be
Respuesta
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The burger he gave up
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The satisfaction he gets from burgers
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The price of the chicken and chips
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The satisfaction he gets from the chicken and chips
Pregunta 5
Pregunta
A ‘free good’ is BEST described as a good
Respuesta
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That is given away by a retailer to promote the sale of another good
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Which gives no satisfaction to consumers
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Which has an infinite elasticity of supply
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Whose opportunity cost is zero
Pregunta 6
Pregunta
Which of the following is NOT a primary product?
Respuesta
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Bauxite
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Banana
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Furniture
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Petroleum
Pregunta 7
Pregunta
Which of the following is an advantage of a market economy?
Respuesta
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There is equality of income
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It provides an incentive to produce
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It reduces pollution and congestion
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Price control measures can be effected
Pregunta 8
Pregunta
An outward shift in the production possibility curve can be caused by an
Respuesta
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Increase in wages
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Increase in prices
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Increase in imports
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Improvement in technology
Pregunta 9
Pregunta
Which of the following are NOT considered factors of production in the bauxite industry?
Respuesta
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Companies that use bauxite
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Lands on which mines are located
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Workers employed to work on the mines
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Persons who invest their capital to carry out mining operations
Pregunta 10
Pregunta
Which of the following is NOT an example of a factor of production in a commercial bank?
Respuesta
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The building
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The bank’s vault
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Shareholders of the bank
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Special savings accounts for students
Pregunta 11
Pregunta
Why do consumers have to make choices among the goods and services that they purchase?
Respuesta
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Their wants are scarce and their resources are limited
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Their resources are insufficient to satisfy all their wants
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Their resources increase more rapidly than their wants
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They receive most of their goods and services at no cost.
Pregunta 12
Pregunta
The Government of Country X decides to switch resources from investment goods to crop production. The opportunity cost of this decision is the
Respuesta
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Profit earned by farmer
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Rent of the land on which crops are grown
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Reduction in investment goods
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Wages earned by farm workers
Pregunta 13
Pregunta
An economy produces two goods, namely sugar and bauxite. What name is given to the curve which shows the maximum amount of bauxite that can be produced for every given amount of sugar?
Respuesta
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Production market curve
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Production demand curve
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Production possibility curve
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Production capability curve
Pregunta 14
Pregunta
Prices of goods in market economies fluctuate while prices of goods in planned economies tend to be fixed. The MOST likely reason for this difference is that, in the market economy,
Respuesta
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Profits are lower
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Producers are never efficient
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Buyers and sellers determine prices
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There are higher unemployment levels
Pregunta 15
Pregunta
Item 15 refers to the diagram below which shows the production possibility curve for an economy that produces bananas (X) and oranges (Y).
What is the greatest amount of oranges that can be produced at Point B?
Respuesta
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OX1
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OY1
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OX2
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OY2
Pregunta 16
Pregunta
Item 16 refers to the diagram below which shows the production possibility curve for two goods: butter and guns.
At what point in the diagram are resources underemployed?
Respuesta
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A
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B
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C
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X
Pregunta 17
Pregunta
A MAJOR disadvantage of a planned economy is that it
Respuesta
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Causes inequality in the distribution of income
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Discourages individual initiative and enterprise
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Results in widespread unemployment
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Causes high rate of inflation
Pregunta 18
Pregunta
In which of the following economic systems does the state own ALL the factors of production EXCEPT labour?
Respuesta
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A mixed economy
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A market economy
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A planned economy
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A subsistence economy
Pregunta 19
Pregunta
Sam and Su started a catering business. They organized the factors of production and pooled their financial resources to produce goods and services. Which factors of production should Sam and Su be classified as?
Respuesta
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workers
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investors
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managers
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entrepreneurs
Pregunta 20
Pregunta
Which of the following determines the allocation of resources in a mixed economy?
Respuesta
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Consumers only
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Government only
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Government and producers only
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Government, producers and consumers
Pregunta 21
Pregunta
An economy in which ALL of the resources EXCEPT labour are owned by the state can be described as a
Respuesta
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Free economy
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Mixed economy
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Capitalist economy
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Command economy
Pregunta 22
Pregunta
Which of the following features are characteristics of a fully planned economy?
Respuesta
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All wages are equal
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Goods do not have prices
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There are no private shareholders
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The profit motivate does not exist
Pregunta 23
Pregunta
Many developing countries have changed their economies from a command economy to a market based economy in order to increase
Respuesta
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Government control
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Efficiency
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Subsidies
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Price control
Pregunta 24
Pregunta
The Sugar industry in New Island uses a high ratio of labourers to capital as inputs in the production of sugar. Which of the following economic questions is being answered in this production arrangement?
Respuesta
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How much to produce
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For whom to produce
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What to produce
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How to produce
Pregunta 25
Pregunta
Joe uses one plot of land and 65 seedlings to do his farming. Each seedling costs $8 and he rents the land for $200. The cost of the land represents his
Respuesta
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average cost
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fixed costs
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marginal cost
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variable costs
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