: Economics is the study of:
the use of alternative resources which have multiple uses.
the use of available resources which have multiple uses.
the use of scarce resources which have alternative uses.
the use of scare resources which have very few uses.
2: Which of the following is not an alternative use of water?
producing ice
producing steam
powering a hydroelectric plant
producing a hurricane
3: Scarcity is defined as:
not having sufficient resources to fulfill unlimited subjective wants.
not having sufficient resources to fulfill limited subjective wants.
having sufficient resources to fulfill unlimited subjective wants.
having sufficient resources to fulfill limited subjective wants.
4: Seldom, if ever, is there a fixed quantity demanded. Likewise, there is no fixed _____.
cost
supply
demand
equilibrium
5: _______ is the direct exchange of goods or services without the use of money.
barter
consumerism
economy
retail
6: ______ were once the most common forms of money.
half-dollars
rice and grain
gold and silver
U.S. dollars
7: Which of the following is not one of money's main uses?
medium of exchange
unit of account
measure of worth
store of wealth
8: Which of the following is not directly affected by the quantity of money in a country?
the level of prices
the quality of service
the rate of economic growth
the amount of employment
9: The main economic goals of nearly all nations are to promote:
economic stability and high employment with a minimum increase in prices.
economic growth and high employment with a minimum increase in prices.
economic stability and low employment with a maximum increase in prices.
economic growth and high employment with a maximum increase in prices.
10: Examples of price controls include all of the following except:
rent control
income taxes
food price ceilings
price controls on medical services
11: True or False: Money does not have to be involved to make a decision be economic.
True
False
.
.
12: True or False: Money is anything that is generally accepted by people in exchange for the things they sell or the work they do.
True
False
.
.
13: True or False: People's demand for housing space changes over a lifetime.
True
False
.
.
14: True or False: During the Great Depression of the 1930s, many farmers simply could not make enough money from the sale of their crops to pay their bills.
True
False
.
.
15: True or False: Complex effects are the result of complex causes, but not of simple causes.
True
False
.
.
16: True or False: The cost of producing an automobile is fundamentally the same whether you are producing 100 cars a year or 100,000 cars a year.
True
False
.
.
17: True or False: A diseconomy is an economic disadvantage, such as lower efficiency or higher costs.
True
False
.
.
18: True or False: Specialization is the result of businesses being limited by the range of functions it can perform efficiently.
True
False
.
.
19: True or False: Cost is the difference between what consumers pay and what the products cost to produce and distribute.
True
False
.
.
20: True or False: The biblical writers sensed that the economic order can easily slip into an unjust distribution of wealth, and they sought means to right the balance and to structure society so that there would be a more equitable sharing of wealth.
True
False
.
.
21: A waitress brings food to your table, not because of your hunger, but because her salary and tips depend on it. This is an example of:
Opportunity cost
Incentive
Conspicuous consumption
Selfishness
22: ______ means that everyone's desires cannot be satisfied completely, regardless of what economic system or economic policy we choose, and regardless of whether an individual or a society is poor or affluent.
Fixed supply
Scarcity
Lack of resources
Economic recession
23: When the price of oranges rises, it is very likely because the number of oranges demanded at the existing price ______ the number of oranges actually available.
is greater than
is less than
is equal to
Not enough information
24: The hope for profits and the threat of losses is what forces a business owner in a capitalist economy to produce at the lowest cost and sell what the customers are most willing to pay for. This is an example of:
Supply and demand
Economic growth
The downfall of capitalism
Profits as incentives
25: Whether we look at laws, prophetic teachings, psalms, or the gospel of Jesus, we find the constantly reiterated conviction that all oppression, including economic oppression, is ______ the Divine will.
contrary to
accepted as
caused by
Not enough information
26: In the Bible, work is seen as:
the essential act of providing for one's family.
an intentional, purposeful activity that contributes to the common good.
any activity that contributes to the wealth of the community as a whole.
a poor use of time.
27: Which of the following is not a way that we can strive for economic justice?
To understand as deeply as possible our economic arrangements and their socio-political context.
To develop a vision of what the God of justice calls on our society to do and to be in this moment in time.
To seek out people less advantaged than ourselves and offer them our possessions and assets.
To try to sense how God would have us work with him to transform values, attitudes, and institutions.
28: Which of the following is not a type of economy?
capitalist
socialist
consumerist
feudal
29: Which of the following is not one of the three economic commands given by God?
Water must be communal.
The price of land must be fixed.
There must be restrictions put on interest.
Profit on food must be forbidden.
30: When large supplies of an item are made, the item's cost will go ______. When very few supplies of the item are made, the price will go ______. When the demand of an item is ______, the price rises. When the demand of an item is ______, the price will go down.
down, up, high, low
up, down, high, low
down, up, low, high
up, down, low, high
31: True or False: Not only is the desire for riches condemned, but those who already are wealthy are described as barely able to enter the kingdom, if at all.
True
False
.
.
32: True or False: Jesus said that we would always have poor people.
True
False
.
.
33: True or False: During the Great Depression, the American unemployment rate reached as high as 53%.
True
False
.
.
34: True or False: Poverty is the condition for more than twenty-five million Americans, or one in eight people, including one-sixth of the nation's children.
True
False
.
.
35: True or False: A controlled market is a market where price is determined by the unregulated interchange of supply and demand.
True
False
.
.
36: True or False: A free market is where supply, demand, and price are set directly by government.
True
False
.
.
37: True or False: Competition keeps prices low.
True
False
.
.
38: True or False: Capitalism is an economic system based on public ownership of the means of production.
True
False
.
.
39: True or False: E-Commerce stands for Entertainment-Commerce.
True
False
.
.
40: True or False: The Gross Domestic Product represents the total goods produced inland by domestic and foreign companies.
True
False
.
. 1. the use of scarce resources which have alternative uses.
2. producing a hurricane
3. not having sufficient resources to fulfill unlimited subjective wants.
4. supply (fits best, but none of thoese are ever fixed indeffinitly)
5. barter
6. gold and silver
7. measure of worth
8. the quality of service
9. economic growth and high employment with a minimum increase in prices.
10. income taxes
11. True
12. True
13. Yes. (unless this question is hinting at "consumption smoothing" but that would be a bad example.)
14. True
15. False
16. False (i.e. cost of electricity falls for each additional car produced)
17. True
18. False
19. False
20. False (not sure exactly what writers they're refering too though)
21. Incentive (but it's also an example of self-INTEREST since she's looking out for herself.)
22. Scarcity
23. is greater than
24. Supply and demand
25. caused by (not really sure though).
26. not sure, never read the thing
27. not sure, too much about god
28. consumerist
29. no idea
30. down, up, high, low (a)
31. ...
32. ...
33. False (around 25% max)
34. True
35. False
36. False
37. True
38. False
39. False
40. False |
