1.13 Unit Test: The Game of Economics, Part 1

All are common features to all games except:

Economics is about allocating resources to produce and distribute which of the following?

Which is an example of a production decision?

Which describes a situation where the goal of security is being pursued?

Which is not a goal pursued in the game of economics?

Which best explains why goals are necessary for making allocation decisions?

Which question must be answered in order to turn resources into products?

Which best explains why resources results because people always want more no matter how much is produced?

Which is another term for a planned economy?

Which best explains why the circular-flow model characterizes the free-market system?

Which best states the purpose of the laws against theft, fraud, and coercion that exist in a free-market society?

Which of these is most important in a free-market system?

Which goal does the government pursue in a socialist economic system?

Cost-benefit analysis is similar to which of the following?

Which best describes the kinds of decisions that result from using cost-benefit analysis?

Because calculations of cost and benefit are subjective, they can be described by which of the following?

A country's economy is stagnating when the GDP is doing which of the following?

Which economic indicator would be most useful for figuring out whether the economy is growing quickly or slowly?

The gross domestic product goes down when which occurs?

Which technological improvement did the railroad bring?

Which does not demonstrate the progression of important human technology?

Technological improvements lead to an increase in which of the following?

The practice of buying and selling goods and services over the Internet is known as which of the following?

Which does the Internet provide for online customers?

How does the Internet help consumers make well-informed decisions?