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Basic Economic Concepts & Terms Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. How do producers try to better understand their consumers?

Question 2 2. What is economics?

Question 3 3. What is the term for determining how resources are used?

Question 4 4. How should a government behave in a capitalist system?

Question 5 5. Which of the following allows us to cope with scarcity of resources?

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Question 6 6. Which of the following is an example of Post Hoc Ergo Propter Hoc?

Question 7 7. Which of the following is NOT a consumer?

Question 8 8. Which model is of the most use to a microeconomist?

Question 9 9. Which of the following is NOT a subject in the study in macroeconomics?

Question 10 10. How can a normative statement be turned into a positive statement?

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Question 11 11. You have an economics test tomorrow that you would like to pass. Which of the following activities has the greatest utility?

Question 12 12. Which of the following does positive economics NOT rely on?

Question 13 13. _____ is the study of business and consumers, while _____ is the study of the economy as a whole.

Question 14 14. Which of the following is NOT a producer?

Question 15 15. Which of the following BEST explains sustainable economic growth?

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Question 16 16. The word comfortable meaning different things to different people is an example of _____.

Question 17 17. Which of the following is a normative statement?

Question 18 18. Which of the following is the best explanation of a free market in the real world?

Question 19 19. What is the utility of a good?

Question 20 20. As Rosa considers where to build her new bakery, she also factors in the number of other bake shops in the area. If she builds in an area where she is one of many bakeries, she will be forced to charge lower prices in order to compete with the other bakeries already in the neighborhood. This is an example of which economic theory?

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Question 21 21. What is the Fallacy of Composition?

Question 22 22. Why is it possible for an economic model to fail?

Question 23 23. Why are models used?

Question 24 24. What field of economics concerns itself with the actions of whole countries?

Question 25 25. You are overseeing the construction of buildings on an island. Why would you want to build high-rises?

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Question 26 26. Which of the following is NOT an inefficiency?

Question 27 27.

John manages a toy factory that produces toy trains, baby dolls, and race cars. Every day he receives a list from the local government specifying how many toys he must produce, what materials to use, and how much each toy is to be sold for. He organizes the day's work accordingly.

This scenario closely aligns with which of the following?

Question 28 28. Odetta is a middle-aged woman who is disabled and on a fixed income. Which standard of allocation is relevant to her situation?

Question 29 29. Which of the following gives an example of utility changing depending on the circumstances?

Question 30 30. Economists maintain that _____ is central to the actions of individuals, families and companies.

Basic Economic Concepts & Terms Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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