Economics End-of-Course (Final Exam) Essay Example
Name: ________________________ Class: ___________________ Date: __________
ID: A
Economics End-of-Course (Final Exam)
Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Which of the following is the kind of decision that can be made at the margin? a. whether or not to hire new workers b. whether or not to go on a vacation c. whether or not to build an extra room on a home d. whether to have a dog or a cat as a pet 2. How would you describe an economy that uses its resources to make the greatest possible number of goods and services? a. efficient c. globally aware b. using opportunity cost well d. underutilized 3. A nation’s automakers install new robotic machinery to build cars. Now, cars take only a day to make, and the factories can produce many more cars than before. This is an example of growth caused by a. land and natural resources. c. technology. b. human capital. d. production possibility curves. 4. What could cause a production possibilities curve to move down and to the left? a. A nation loses land after being defeated in a war. b. A baby boom 20 years ago resulted in a large number of young adults in the population today. c. An increase in the use of computer technology speeds up production. d. Thousands of investors from overseas invest money in a nation’s economy. 5. What is one of the most important advantages of a free market? a. It can change rapidly. c. It is easy to regulate. b. It protects the less fortunate. d. It encourages growth. 6. What might be a hardship for citizens of a centrally planned economy making a transition to a market-based system? a. Farmers would have to grow the crops that the government instructed them to. b. Only poor quality goods would be available to consumers, because manufacturers focused on quantity, not quality. c. Workers would lose job security and guaranteed incomes. d. Entrepreneurs would have fewer opportunities to start new businesses. 7. Which of the
ID: A
Economics End-of-Course (Final Exam)
Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Which of the following is the kind of decision that can be made at the margin? a. whether or not to hire new workers b. whether or not to go on a vacation c. whether or not to build an extra room on a home d. whether to have a dog or a cat as a pet 2. How would you describe an economy that uses its resources to make the greatest possible number of goods and services? a. efficient c. globally aware b. using opportunity cost well d. underutilized 3. A nation’s automakers install new robotic machinery to build cars. Now, cars take only a day to make, and the factories can produce many more cars than before. This is an example of growth caused by a. land and natural resources. c. technology. b. human capital. d. production possibility curves. 4. What could cause a production possibilities curve to move down and to the left? a. A nation loses land after being defeated in a war. b. A baby boom 20 years ago resulted in a large number of young adults in the population today. c. An increase in the use of computer technology speeds up production. d. Thousands of investors from overseas invest money in a nation’s economy. 5. What is one of the most important advantages of a free market? a. It can change rapidly. c. It is easy to regulate. b. It protects the less fortunate. d. It encourages growth. 6. What might be a hardship for citizens of a centrally planned economy making a transition to a market-based system? a. Farmers would have to grow the crops that the government instructed them to. b. Only poor quality goods would be available to consumers, because manufacturers focused on quantity, not quality. c. Workers would lose job security and guaranteed incomes. d. Entrepreneurs would have fewer opportunities to start new businesses. 7. Which of the