OAE - Integrated Social Studies: 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. Which of the following is not an economic incentive?

Question 2 2. Which one of the following is not an extrinsic incentive?

Question 3 3. Which of the following BEST explains sustainable economic growth?

Question 4 4. Which of the following best describes opportunity cost?

Question 5 5. What are the two components involved in economies of scale?

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Question 6 6. Why might a small cafe experience negative returns from adding employees during their morning rush?

Question 7 7. Fred has chosen to implement work specialization at his expanding recycling company. What could he do to prevent a negative outcome?

Question 8 8. Which of the following are two general broad categories regarding economic incentives?

Question 9 9. At what unit of fertilizer does the Law of Diminishing Returns set in?

Question 10 10. The Law of Diminishing Returns is more applicable in the

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Question 11 11. 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 12 12. _____ refers to an organization's practice of assigning individual tasks into separate jobs.

Question 13 13. Which of the following about economies of scale is not correct?

Question 14 14. What is one potential outcome for an organization utilizing work specialization?

Question 15 15. What is the best explanation of economies of scale?

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Question 16 16. Which of the following businesses would BEST benefit from work specialization?

Question 17 17. 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 18 18. 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 19 19. Which one of the following groups do economies of scale not help?

Question 20 20. Which of the following is synonymous with work specialization?

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Question 21 21. When increasing one input variable leads to a decrease in actual output, not just marginal output, this is known as

Question 22 22. The Law of Diminishing Returns states that as one input variable is increased, there is a point at which _____.

Question 23 23. _____ is the study of business and consumers, while _____ is the study of the economy as a whole.

Question 24 24. Which of the following is NOT a subject in the study in macroeconomics?

Question 25 25. Which one of the following is the best explanation of economic incentives?

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Question 26 26. 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?

Question 27 27. What is economics?

Question 28 28. Assume that land can be used either for producing corn or producing beef. The opportunity cost of converting an acre from producing corn to raising cattle for beef is equal to which of the following?

Question 29 29. What's the opposite of an economic incentive?

Question 30 30. Which type of business can take advantages of economies of scale?

OAE - Integrated Social Studies: 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!

Ohio Assessments for Educators - Integrated Social Studies (025): Practice & Study Guide  /  History Courses
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