Economics test help? :) part 1?

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Question 1
Marks: 1

The study of economics involves which of the following?
Choose one answer.
a. studying government policies as they relate to globalization
b. studying the impact of humans on the environment
c. studying how people relate to each other racially
d. studying how people try to satisfy their unlimited wants with limited resources
Question 2
Marks: 1
Which of the following would an economist say motivates a woman who sews purses and sells them to the public?
Choose one answer.
a. satisfaction
b. monetary policy
c. self-interest
d. absolute advantage
Question 3
Marks: 1
While shopping you discover that your favorite department store has lowered the price on a new video game that you wanted to buy. However, after looking through the store you find that they are completely sold out. This scenario illustrates the concept of
Choose one answer.
a. law of demand.
b. shortage
c. comparative advantage.
d. scarcity.
Question 4
Marks: 1
People must make choices because money and resources
Choose one answer.
a. are abundant.
b. remain unchanged.
c. are scarce
d. are undetermined.
Question 5
Marks: 1
Which of the following is NOT an economic right or responsibility?
Choose one answer.
a. deciding where to work
b. choosing a college
c. paying taxes
d. community service
Question 6
Marks: 1
The most appealing trade-off or item given up as the result of an economic decision is called ano
Choose one answer.
a. increasing cost.
b. economic trade-off.
c. recycled trade-off.
d. opportunity cost.
Question 7
Marks: 1
Who presents the final federal budget to Congress at the beginning of the calendar year?
Choose one answer.
a. the Vice President
b. the Office of Management and Budget
c. the President
d. the Supreme Court
Question 8
Marks: 1
Which of the following statements describes the economic goal of freedom?
Choose one answer.
a. Colleges choose the students who will attend.
b. The government provides workmen's compensation to large businesses.
c. The government requires companies to pay minimum wage to certain occupations.
d. Consumers can choose where they want to work
Question 9
Marks: 1
Which of the following is considered a market?
Choose one answer.
a. standing in an unemployment line
b. growing food in a backyard garden
c. ordering a book from an Internet bookseller website
d. digging for food in a dumpster
Question 10
Marks: 1
In a ____________ economy, some government involvement in the economy is evident
Choose one answer.
a. mixed
b. laissez faire
c. centrally planned
d. corporate
Question 11
Marks: 1
Which of the following is a disadvantage of free market economies?
Choose one answer.
a. Consumers receive the goods and services they need.
b. Many products are provided in an attempt to meet the demands of consumers.
c. Public services are available to all members of society.
d. Some consumers are not paid fairly and equally.
Question 12
Marks: 1
Which of the following is a principle of the American Free Enterprise System?
Choose one answer.
a. absolute advantage
b. voluntary exchange
c. tax rebates
d. federal regulation
Question 13
Marks: 1
Which of the following is an example of a public good?
Choose one answer.
a. retirement village
b. private college
c. interstate highway
d. retirement village
Question 14
Marks: 1
The Federal Reserve is run by
Choose one answer.
a. the Board of Governors
b. Congress.
c. the U.S. Treasury.
d. the President.
Question 15
Marks: 1
Monetary policy is best described by which of the following statements?
Choose one answer.
a. Policies the President puts into effect to manage the money supply.
b. Policies Congress puts into effect to manage the money supply.
c. Actions that the Office of Management and Budget takes to monitor fiscal policies.
d. The collection of actions the Federal Reserve takes to manage the money supply.
Question 16
Marks: 1
Which of the following will cause an increase in the supply of a product?
Choose one answer.
a. neither of the choices
b. establishment of new companies
c. both choices
d. production increases
Question 17
Marks: 1
If demand decreases, producers will decrease prices to
Choose one answer.
a. influence the IRS to impose tax relief measures.
b. cause an increase in supply.
c. stop people from buying their goods.
d. get people to buy their goods.
Question 18
Marks: 1
Which of the following is a characteristic of a general partnership?
Choose one answer.
a. Partners sell shares to cover costs.
b. All but one of the partners is liable for all debts.
c. Partners share responsibilities.
d. Partners sell each other shares.