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Economic Decision-Making and Microeconomics — Test Answers

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Which statement best describes a command economy?

A
Government intervention in economic choices is strictly forbidden.
B
Producers and consumers make some economic choices while the government makes others.
C
The decisions made by producers and consumers drive all economic choices.
D
The government determines economic choices and makes most decisions.
22
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What most likely will happen if the pie maker continues to make additional pies?

A
The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, increasing the profit earned for each pie.
B
The marginal costs will continue to fall, decreasing the total cost, while the marginal revenue remains the same, increasing the profit earned for each pie.
C
The marginal costs will continue to fall, decreasing the total cost, while the marginal revenue remains the same, decreasing the profit earned for each pie.
D
The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, decreasing the profit earned for each pie.
23

The fact that Samira may miss out on a scholarship opportunity by staying on the freshman team illustrates

A
a cause.
B
a tradeoff.
C
unexpected risk.
D
minor consequences.
24

What will be the topic of the essay?

A
the rise of entrepreneurs
B
the role of government
C
the command economy system
D
the free enterprise system
25

In what time period did hydroelectric power usage reach its peak?

A
1970–1980
B
1980–1990
C
1990–2000
D
2000–2010

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