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Interim Assessment

Econ Test 4

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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