Econ 102 - Principles of Macroeconomics » Spring 2022 » Ch 1 Reading Quiz

Need help with your exam preparation?

Existing Quiz Clients Login here
Question #1
In the market for goods and services, _____________ supply the goods and services.
A.   governments
B.   assembly lines
C.   firms
D.   households
Question #2
Specialization occurs when
A.   workers constantly change tasks
B.   workers do the same task repeatedly
C.   workers multitask
D.   workers do many different tasks
Question #3
In a command economy, economic decision-making is
A.   decentralized
B.   centralized
C.   made by private owners
D.   guided by the Invisible Hand
Question #4
The Invisible Hand describes how society reaches the most efficient outcome when consumers and producers are lead by
A.   self-interest
B.   the government
C.   corruption
D.   greed
Question #5
Regulations are necessary because
A.   market failures do not exist in a market economy
B.   market failures can occur in a market economy
C.   government is inefficient
D.   government is efficient
Question #6
A key feature of a market economy is
A.   private ownership
B.   government ownership
C.   centralized decision making
D.   military ownership
Question #7
In the labor market, _______________ supply labor.
A.   households
B.   firms
C.   governments
D.   banks
Question #8
Economies of scale occurs when the average cost of producing a good ________________ as the level of production increases.
A.   stays the same
B.   decreases
C.   increases
D.   equals zero
Question #9
Economics is the study of how humans allocate _____________ resources
A.   unlimited
B.   zero
C.   scarce
D.   abundant
Question #10
When the production of a good or service is divided into separate smaller tasks performed by different people, this is called
A.   economies of scale
B.   automation
C.   specialization
D.   division of labor

Need help with your exam preparation?

Existing Quiz Clients Login here