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Interim Assessment
Econ Test 4
| Question | Answer |
|---|---|
| In a command economy, decisions are made mainly by: | government officials |
| Most jobs are handed down from parent to child in a: | traditional economy |
| Which of the following is considered to be a human resource? | worker |
| A new invention is most likely to be resisted in a | traditional economy |
| A person who buys a good or a service is a: | consumer |
| The three basic economic questions that all economies have to answer include all of the following except: | when to produce |
| A basic economic problem facing all societies is: | scarcity of resources |
| An example of a natural resource is all of the following except: | car |
| Which of the following is true of resources and wants? | Resources are limited and wants are unlimited |
| Which one of the following would be the best example of a market economy? | United States |
| The Law of Demand states that as the price of an item increases, the quantity demanded will… | Decrease |
| The Law of Supply states that as the price of an item increases, the quantity supplied will… | Increase |
| Hot dogs and buns are considered: | Complementary goods |
| The demand for ____________ would be inelastic | Surgeries |
| The graph below is a: | Supply curve |
| On the graph from question 15, the vertical (Y) axis would be labeled | Price of the product |
| Which one of the following is an ideal market structure in which producers each compete directly under the laws of supply and demand? | perfect competition |
| This is a market dominated by a few large sellers | oligopoly |
| What type of monopoly does the granting of patents encourage? | technological monopoly |
| U.S. agriculture is most closely associated with which of the following markets? | perfect competition |
| From your own experience, please describe a recent decision you made that involved two possible choices. What did you decide? What was the opportunity cost? | |
| In three sentences or more, please describe: what were a few advantages and a few disadvantages you experienced as a result of your decision in Question One? | |
| In two sentences or more, make a judgment: has what you learned about opportunity costs in Economics made you a better decision-maker in your own life? Why or why not? |
Created by:
migliorej
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