Economics Test 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| How men and woman and society choose to employ Scarce Productive Resources to produce goods and services and distribute them for consumption among various people and groups in society is called what? | Economics
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| What are the 4 catagories of economic resources? | Land and Natural Resources, Labor, Capital, Entrepreneurship
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| In economics, the term "capital" means... | man-made aid to further production
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| The oportunity cost of the space exploration program is... | an action that is sacrificed
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| The opportunity cost of a college education is... | free time and a life
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| What shows the combination of goods that the economy is capable of producing within its present stock of economic resources and its existing techniques of production? | production possibilities curve
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| Suppose an economy is operating at a point on its production possibilities curve showing clothing and food. If the economy desires to produce additional clothing... | the food would decrease
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| If an economy is operating on its production possibilities curve for consumer goods and capital goods... | larger amounts of one product can be obtained only by producing smaller amounts of the other product and/or all economy's resources are fully employed
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| If a society is operating inside its production possibilities curve for guns and butter, then | we know that economic resources are not being fully employed
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| An economy's production possibilities curve would shift outward as a result of... | economic growth
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| Economic growth would be depicted by | increased amounts of goods and services
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| What is defined by 1. Private Property Ownership and Freedom of Choice, 2. Self-interest or the dominant motive, 3. Markets and Prices, 4. Competition, 5. Limited government intervention | Pure Capitalism
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| In pure capitalism, the production decisions of business are guided by... | the market and pricing
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| In pure capitalism, consumers are protected from shaddy products and high prices by the presence of... | competition
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| In pure capitalism, the prices of economic resources would influence who? | buyers and sellers
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| In Pure Capitalism, the answer to the "how to produce" question | use the "least-cost" approach lower cost to produce contributes to higher profits
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| The two types of markets shown in the circular flow model are... | product and resource
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| The payments to the owners of land, labor, capital, and entrepreneurship are, respectively... | publicly owned
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| According to the law of damand, a reduction in the price of a product will... | make the demand of the product rise and, in turn, consumers will purchase more
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| If the price of hamburger increases, this is likely to... | shift the demand curve to the left
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| If the price of gasoline declined, we would expect... | more gas
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| The "income effect" of a price reduction will cause consumers to purchase more of a product because.... | They have the ability to spend more
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| If consumers expect the price of a product to increase in the future, they will probably... | buy it now
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| If the demand curve for pond-raised catfish shifted to the right.. would that be good or bad? | good
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| What law is a direct relationship between the price of a product and the quanitity of that product supplied | Law of Supply
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| If the price of leather increases, then... | we buy less
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| If a severe drought destroyed most of the hay crop, how would the supply curve shift and what would happen to the price of hay? | The supply curve would shift to the left and the price of hay would increase
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| What is a legally established minimum price above the equilibrium price? | A Price Support
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| What is established when the Government decides to intervene in the pricing process when convinced that prevailing prices are either too high or are increasing too rapidly? | A Price Ceiling
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| If the price of ladies handbags is reduced by 10% profit and the quantity demand increases by 20%, is it elastic? | yes
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| Suppose that when the price of milk is increased by 25% the quantity demand declines by 20%. The coefficient of demand elasticy is equal to.. | .8
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| If the coefficient of demand elasticity is greater than 1, demand is described as... | elastic
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| If the coefficient of demand elasticity is less than 1, demand is described as... | inelastic
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| If the coefficient of demand elasticity is equal to 1, demand is described as... | unitary elasticity
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| In general, demand for a product is considered more elastic if demand is... | very responsive to price changes
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| In general, demand for a product is considered inelastic if demand is... | not very responsive to price changes
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| If the coefficient of demand elasticity is .5, then it is... | inelastic
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| If the coefficient of demand elasticity is 2, then it is... | elastic
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| What is the primary determinant of the elasticity of supply? | the number of ggod substitutes available
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