I am DESPERATE for help! Please do help me! Economics worksheet... 10 points!?
1.) Scarcity is defined as:
not having sufficient resources to produce enough to fulfill unlimited subjective wants.
not having sufficient resources to fulfill limited subjective wants.
having sufficient resources to fulfill unlimited subjective wants.
having sufficient resources to fulfill limited subjective wants.
2.) A ______ is a market where price is determined by the unregulated interchange of supply and demand. This is in contrast to a _______ where supply, demand, and price are set directly by government.
open market, controlled market
free market, controlled market
open market, closed market
free market, closed market
3.) ______ is the direct exchange of goods or services without the use of money.
4.) Which of the following is not one of money's main uses?
medium of exchange
unit of account
measure of worth
store of wealth
5.) The main economic goals of nearly all nations are to promote:
economic stability and high employment with a minimum increase in prices.
economic growth and high employment with a minimum increase in prices.
economic stability and low employment with a maximum increase in prices.
economic growth and high employment with a maximum increase in prices.
6.) A recession is usually defined in macroeconomics as:
a fall of a country's real Gross Domestic Product (GDP) in two or more successive quarters of a year.
a fall of a country's real GDP in two or more successive years.
a general drop in the real GDP.
a severe depression.
7.) When the price of oranges rises, it is very likely because the number of oranges demanded at the existing price _____ the number of oranges actually available.
is greater than
is less than
is equal to
not enough information
8.) The hope for profits and the threat of losses is what forces a business owner in a capitalist economy to produce at the lowest cost and sell what the customers are most willing to pay for. This is an example of:
Supply and demand
The downfall of capitalism
Profits as incentives
9.) Whether we look at laws, prophetic teachings, psalms; or the gospel of Jesus, we find the constantly reiterated conviction that all oppression, including economic oppression, is _____ the Divine will.
not enough information
10.) Which of the following is not a type of economy?
11.) Which of the following is not one of three economic commands given by God?
The price of land must be fixed.
Water must be communal.
There must be restrictions put on interest.
Profit on food must be forbidden.
12.) When large supplies of an item are made, the item's cost will go _____. When very few supplies of the item are made, the price will go _____. When the demand of an item is _____, the price rises. When the demand of an item is _____, the price will go down.
down, up, high, low
up, down, high, low
down, up, low, high
up, down, low, high
13.) Which of the following is a tragic effect of unemployment?
Wife and child abuse increase.
Divorce rates go up.
Street crime flourishes.
All of the above.
14.) Economics is the study of:
the use of alternative resources which have multiple uses.
the use of available resources which have multiple uses.
the use of scarce resources which have alternative uses.
the use of scare resources which have very few uses.
15.) __________ comes from the concept of specialization.
Division of labor
Supply and demand
16.) If a shipwrecked sailor on a desert island is capable of either catching 10 fish or harvesting 5 coconuts in one day, then the opportunity cost of producing one coconut is ____ fish.
17.) The two main Ingredients of the U.S. Economy are:
natural resources and land
land and labor
natural resources and labor
land and money
18.) The American free enterprise system emphasizes:
both public and private ownership.
not enough information.
19.) Usually the short term goal of open market operations is to:
create more jobs.
achieve a specific long term interest rate target.
achieve a specific short term interest rate target.
increase stock market values.
20.) During the 1870-1920 period the industrialized nations set up _______, with one of the last being the Federal Reserve in 1913.
central banking systems
private banking systems
21.) When used as part of a commodity money system, which of the following is not a function of paper currency?
to reduce the danger of transporting gold
to reduce the possibility of debasement of coins
to avoid the reduction in circulating medium to hoarding and losses
to avoid the decrease in value of
- 1 decade agoFavorite Answer
Hope this helps dude
- 5 years ago
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