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Economics Overview 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. Which one of the following is NOT a characteristic of capitalism?

Question 2 2. Which of the following is the best explanation of a free market in the real world?

Question 3 3. Which of the following is NOT an inefficiency?

Question 4 4. Economists maintain that _____ is central to the actions of individuals, families and companies.

Question 5 5. Which term describes the way a society organizes the production, distribution, and consumption of goods and services to meet people's needs and wants?

Page 2

Question 6 6. _____ is the study of business and consumers, while _____ is the study of the economy as a whole.

Question 7 7. How should a government behave in a capitalist system?

Question 8 8. Which of the following is NOT a subject in the study in macroeconomics?

Question 9 9. What is economics?

Question 10 10. What field of economics concerns itself with the actions of whole countries?

Page 3

Question 11 11. Why is rewarding risk-taking an advantage to capitalism?

Question 12 12. Which of the following BEST explains sustainable economic growth?

Question 13 13. When deciding to buy a home instead of renting an apartment, you are demonstrating that the extra expense is worth the amount of _____.

Question 14 14.

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 15 15. What determines the price of a good or service in a capitalistic economy?

Page 4

Question 16 16. What field of economics concerns itself with the actions of individuals?

Question 17 17. Which one of the following statements is correct?

Question 18 18. Which of the following economic systems is characterized by state ownership of all factors of production?

Question 19 19. 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?

Question 20 20. Which one of the following economic systems is characterized by state ownership of land and capital, but individuals remaining in control of their labor?

Economics Overview 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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