Econ 102 - Principles of Macroeconomics » Spring 2022 » Ch 1 Reading Quiz
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Question #1
In the market for goods and services, _____________ supply the goods and services.
A.
households
B.
firms
C.
assembly lines
D.
governments
Question #2
Specialization occurs when
A.
workers do the same task repeatedly
B.
workers constantly change tasks
C.
workers multitask
D.
workers do many different tasks
Question #3
In a command economy, economic decision-making is
A.
centralized
B.
made by private owners
C.
decentralized
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.
corruption
B.
greed
C.
self-interest
D.
the government
Question #5
Regulations are necessary because
A.
government is efficient
B.
government is inefficient
C.
market failures do not exist in a market economy
D.
market failures can occur in a market economy
Question #6
A key feature of a market economy is
A.
centralized decision making
B.
military ownership
C.
government ownership
D.
private ownership
Question #7
In the labor market, _______________ supply labor.
A.
banks
B.
firms
C.
households
D.
governments
Question #8
Economies of scale occurs when the average cost of producing a good ________________ as the level of production increases.
A.
increases
B.
stays the same
C.
equals zero
D.
decreases
Question #9
Economics is the study of how humans allocate _____________ resources
A.
abundant
B.
unlimited
C.
zero
D.
scarce
Question #10
When the production of a good or service is divided into separate smaller tasks performed by different people, this is called
A.
division of labor
B.
economies of scale
C.
specialization
D.
automation
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