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Goal 7 - Economic Fundamentals: Quiz Name: ____________ 1) Why is the consumer considered "king" in a capitalist economy? A) consumers own the productive resources. B) consumers contribute to the factor market. C) consumers vote for elected government officals. D) consumers determine what products will be produced. 5) 2) The Acme Furniture Company has issued a statement that they will be expanding production to include office furniture. This statement addresses which basic economic question? A) What will be produced? B) How will items be produced? C) How much will workers be paid? D) For whom will items be produced? Based on the information in the table, which statement about Peru’s economy is TRUE? A) Peru imports and exports mainly natural resources. B) Peru imports and exports mainly capital resources. C) Peru imports mainly capital resources and exports mainly natural resources. D) Peru imports mainly natural resources and exports mainly capital resources. 3) An opportunity cost is A) usually absent in a command economy. B) when goods are recycled into other goods. C) the next-best alternative you give up in order to do something else. D) is only an issue when there is not a scarcity of goods and resources. 4) 6) In laissez-faire economics, what is the role of the government in the economy? A) to help maintain competition B) to set prices of goods and services C) to determine what should be produced D) to regulate product quality and consumer safety 7) Mr. Simpson has decided to start a new company to produce bobble-head dolls. He has hired a contractor to build his factory and a manager to run the company for him. Mr. Simpson PRIMARILY represents which factor of production? A) capital B) entrepreneurship C) labor D) land The Center for Disease Control (CDC) evaluates the marginal cost effectiveness of vaccinating all people against certain diseases. If the marginal benefit is set at $5,000, which generalization explains why the CDC does not mandate vaccination of 100% of the people? A) At low vaccination coverage rates (070%), the marginal cost is greater. B) At high vaccination coverage rates (70100%), the marginal cost is less. C) At 100% vaccination coverage, the cost per case prevented is less than the marginal benefit. D) At 100% vaccination coverage, the cost per case prevented is greater than the marginal benefit. 8) The new oven in Mr. Brown’s bakery allows him to produce bread more efficiently and more cheaply. What is the MOST LIKELY effect? A) the price drops and the quantity demanded decreases. B) the price rises and the quantity demanded decreases. C) the price drops and the quantity demanded increases. D) the price rises and the quantity demanded increases. 9) The theory that the government can best stimulate the economy by helping businesses produce more: A) Marxism. B) mercantilism. C) Keynesian economics. D) supply-side economics. Goal 7 - Economic Fundamentals: Quiz 10) The opportunity cost of a move from point A to point B is A) the increased production of good X. B) the increased production of good Y. C) the decreased production of good X. D) the decreased production of good Y. Name: ____________ Goal 7 - Economic Fundamentals: Quiz Answers: 1) D 2) A 3) C 4) D 5) C 6) A 7) B 8) C 9) D 10) D Name: ____________