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24-11-2018

Product code Economics-Quizlet151

1Q-Which one of the following is true?
A. A normative statement is one which can be tested against the facts
B. A positive statement is one which never contains words such as could or should
C. A positive statement is one which can be proven true or false
D. A normative statement is one which never contains words such as 'is' or 'will' or 'always'

2Q-A free good has which of the following characteristics?
A. It has opportunity cost in supply
B. It is generally supplied by the government because its consumption is considered to be socially desirable
C. It has no externalities associated with its consumption
D. It is generally abundant

3Q-The existence of scarcity in an economy implies that?
A. There are no free goods
B. There are no public goods
C. Individuals must make choices
D. There has been a misallocation of resources

4Q-Which one of the following is a factor of production?
A. Jobs
B. Wages
C. Productivity
D. Enterprise

5Q-Which one of the following would be classified by an economist under the factor of production known as Land?
A. Gold
B. Chemical Fertiliser
C. A lawnmower
D. A farmer

6Q-Define sustainability?

7Q-Which one of the following is true?
A. A positive statement is one which can be tested against the facts. 
B. A positive statement is one which never contains words such as could or should
C. A normative statement is one which can never be scientifically proven to be true or false
D. A normative statement is one which never contains words such as 'is' or 'will' or 'always'

8Q-A free good has which of the following characteristics?
A. It has no opportunity cost in supply
B. It is generally supplied by the government because its consumption is considered to be socially desirable
C. It has no externalities associated with its consumption or production
D. It is perfectly inelastic in its supply

9Q-The existence of scarcity in an economy implies that?
A. There are no free goods
B. There are no public goods
C. Individuals must make choices
D. There has been a misallocation of resources

10Q-Which one of the following is a reward to the factor of production, enterprise? 
A. Profit
B. Dividends or interest
C. Revenue 
D. Tax rebates

11Q-Which one of the following would be classified by an economist under the factor of production known as land?
A. A tractor
B. Chemical fertiliser
C. Fish in the ocean
D. A Farmer

12Q-Define the basic economic problem?

13Q-If a currency completely collapses and the barter of goods in an economy becomes commonplace, 

A. Specialisation and the division of labour becomes easier
B. Trade is likely to increase
C. The relative price of goods never change
D. Trade is likely to decrease

14Q-The absence of a system of exchange prevents
A. Economies of scale
B. Firms increasing their production
C. All trade
D. Specialisation

15Q-Which one of the following is not a function of money?
A. Unit account
B. Medium of exchange
C. Safe investment
D. Store of value

16Q-Which of the following is not usually a potential advantage of specialisation?
A. More innovation
B. Increased productivity
C. Higher labour turnover
D. Less time wasted

17Q-The 'double coincidence of wants' is a necessary part of which system of exchange?

18Q-When money is used as a medium of exchange, 
A. Barter or swapping of goods is likely to become more common
B. Trade is likely to increase
C. The relative prices of goods never change
D. Specialisation and the division of labour are made more difficult

19Q-Specialisation requires the existence of,
A. Economies of scale
B. Economic efficiency
C. A system of exchange
D. Rising productivity

20Q-Specialisation and the division of labour require, 
A. A means of exchanging goods or services
B. The economy to be operating on its production possibility frontier
C. An absence of negative externalities
D. Competitive markets

21Q-Which one of the following is not a potential disadvantage of specialisation?
A. Boredom of workers
B. Over-reliance on a narrow range of products
C. Economies of scale
D. Reliance on a smaller number of suppliers.

22Q-In a market economy, scarce resources are allocated through,
A. Firms' profit
B. Government intervention
C. The price mechanism
D. The central bank

23Q-The satisfaction of needs and wants is
A. Created through business profits
B. The central purpose of economic activity
C. Always achieved in a market economy
D. Achieved by saving scarce resources

24Q-The market clearing price in a market, 
A. Is the equilibrium price
B. Changes when demand = supply
C. Always increases when supply decreases
D. Is the balance of excess demand and excess supply.

25Q-An economy in which price provides signals to consumers and producers but government intervenes in the market is known as
A. A market economy
B. A centrally planned economy
C. A mixed economy
D. A developed economy

26Q-Adam Smith, Friedrich Hayek and Milton Friedman are all
A. Centrally planned economists
B. Marxist economists
C. Free market economists
D. Left wing political scientists

27Q-The main role of prices in a market economy is to
A. Determine the elasticity of demand curves
B. Provide a mechanism for firms to make profits
C. Improve the distribution of income
D. Allocate scarce resources

28Q-The central purpose of economic activity is
A. To create maximum profit
B. The satisfaction of needs and wants
C. To achieve the economic efficiency
D. To save scarce resources

29Q-The equilibrium price in a market
A. Is the market- clearing price
B. Changes when demand equals supply
C. Always increases when demand increases
D. Is the balance of excess demand and excess supply

30Q-A mixed economy is named so because
A. Both consumers and producers determine market prices
B. There is a mix of consumer goods and capital goods produced in the economy
C. Prices provide signals to firms and consumers but government intervenes in the market.
D. There is a mix if foreign and domestic products due to free trade agreements with other economies

31Q-The 'invisible hand' is a term that was used by economist Adam Smith to describe
A. The importance of government intervention being un-noticed in a market
B. The way in which resources are allocated in a free market economy
C. The emergence of automated machines cashiers in supermarkets
D. How governments can intervene in a market when it fails to allocate resources efficiently

32Q-The 'market clearing price' in a free market is also known as what?

 

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1Q-Which one of the following is true? A. A normative statement is one which can be tested against the facts B. A positive statement is one which never contains words such as could or should C. A positive statement is one which can be proven true or false D. A normative statement is one which never contains words such as 'is' or 'will' or 'always' 1A-C

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