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Economic Foundations 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!

Page 1

Question 1 1. A free enterprise system has which of the following traits or characteristics:

Question 2 2. Which of the following gives an example of utility changing depending on the circumstances?

Question 3 3. During the time Mary spent studying macroeconomics, she could have instead either made brownies or played the piano. She thinks to herself that if she wasn't studying, then she would have made brownies. In this case, her opportunity cost of studying is equal to which of the following?

Question 4 4. One of the toy company's products is a baby item that simulates a car driving. It can be attached to a crib to help soothe babies to sleep. No other product like this is available. What type of demand would this product likely have?

Question 5 5. Josie decided to go to college full-time instead of working. Which of the following is the opportunity cost of going to college for Josie?

Page 2

Question 6 6. How does advertising impact the supply and demand curve?

Question 7 7. Assume that you have two hours to spend at the mall. You can either visit the bookstore or enjoy a movie at the theater. The opportunity cost of watching a movie is equivalent to which of the following?

Question 8 8. Jennifer really enjoys watching hockey, but she doesn't have very much money. Which of the following will most likely maximize her utility?

Question 9 9. Which of the following is another way of describing why it's best to not get upset over a sunk cost?

Question 10 10. A supply and demand chart or schedule is the _____

Page 3

Question 11 11. Which of the following is most often associated with a free enterprise system?

Question 12 12. What is the price at which demand and supply are equal?

Question 13 13. If a butter manufacturer raises prices by 10% and the quantity of butter demanded by consumers falls 20%, this would be an example of _____.

Question 14 14. What is the utility of a good?

Question 15 15. Why is it often difficult to enter into a market that BEST resembles an oligopoly?

Page 4

Question 16 16. What is the name of the market in which households buy goods from firms?

Question 17 17. How can utility change?

Question 18 18. When is it rational to throw money in the air with abandon?

Question 19 19. What is a sunk cost?

Question 20 20. Which one of the following is NOT a characteristic of capitalism?

Page 5

Question 21 21. Which is NOT an example of a resource supplied by a household?

Question 22 22. Why does internet piracy cause the supply curve to shift to the left?

Question 23 23. You are overseeing the construction of buildings on an island. Why would you want to build high-rises?

Question 24 24. A free enterprise system:

Question 25 25. Which of the following is the best explanation of a free market in the real world?

Page 6

Question 26 26. Bribery can be _____, but of course is illegal.

Question 27 27. Which of the following best describes a free market?

Question 28 28. What model is used to demonstrate markets and the flow of goods between firms and households?

Question 29 29. Why is rewarding risk-taking an advantage to capitalism?

Question 30 30. Why does a monopoly-based system result in a negative business environment?

Economic Foundations 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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