I dont really want to do my test anyone bored?
The most important thing we surrender in a decision is called a trade-off.
True
False
The Ford Motor Company can produce 20,000 cars/month. Recently, electrical issues have caused the car plant to lose power at least once an hour. Last month, Ford produced 8,000 cars. This is an example of?
Marginal product of labor
Surplus
Price floor
Underutilization
Which of the following is an economic goal?
Freedom
Conflict
Security
All of the above
One of the positive characteristics of a free market economy is the high rate of self-sufficiency it demands.
True
False
What was Adam Smith’s intended message with his book “The Wealth of Nations”?
“Put your needs and efforts before others”
“Selfishness is good for the world”
“Unselfish actions will destroy a free market economy”
All of the Above
Which of the following is NOT an example of “land” in terms of factors of production?
Bulldozers
Forests
Coal
Oil
This economic idea allows for people to try their business ideas in a free market and compete fairly in their chosen market(s)?
Traditional economy
Free range economy
Free enterprise system
Macroeconomics
A country’s economy can display its’ greatest strength when which one of these areas is highly functional and successful?
Employment
Stability and Security
None of the above
A,B only
Whose role is it to keep Albertson’s grocery stores from raising prices on milk from $2.89 to $5?
Government
Citizens
Foreign Governments
None of the above
In the upcoming winter months, scarves will be a relatively cheap item sold at shopping malls. According to the law of demand, what will happen to the demand of scarves during this period?
Demand is not affected by price
Supply will be low
Demand will be high
Demand will be low
