3rd Grade Economics Quiz 1

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Kathryn D. Shields

Econ Quiz Grade 3

Education Business Economy & Finance

Economics Questions Grade 3 Based on Georgia GPS Created by Matt Dumbleton AHS Peer Facilitator 12.2008

Trading something of value for another item of value without using money is called: ,[object Object],[object Object],[object Object],[object Object]

Schools, libraries, roads, police, and fire protection are all paid through: ,[object Object],[object Object],[object Object],[object Object]

Fill in the blank: a helps people to keep track of how much money they spend and save. ,[object Object],[object Object],[object Object],[object Object]

These people make or grow goods or sell services ,[object Object],[object Object],[object Object],[object Object]

If a company’s budget was $100 dollars, what of the following amounts could it spend? ,[object Object],[object Object],[object Object],[object Object]

Bob agrees with Joe to trade his football for Joe’s baseball. What is this an example of? ,[object Object],[object Object],[object Object],[object Object]

Which of the following is NOT a natural resource? ,[object Object],[object Object],[object Object],[object Object]

An entrepreneur: ,[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object]

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1. A lower value of the U.S. dollar means that A. the American dollar is worth more when purchasing a foreign-made good. B. a dollar would be traded for less foreign currency than normal. C. the American dollar isn’t backed by gold. D. the dollar can’t be used in international trade. 2. In 2050, the projected U.S. non-Hispanic, white population percentage is expected to decrease to about A. 68%. C. 53%. B. 60%. D. 40%. 3. Discussing the future of management, Manager A maintains that we can expect a continued rise of virtual management and growth in technology. Manager B acknowledges that Manager A’s projections are likely, but incomplete. He adds that there will also be an increased focus on ethics and social responsibility, as well as an increased focus on gaining competitive advantages. What is wrong with Manager B’s argument? A. There’s nothing wrong with Manager B’s argument. He’s correct. B. Manager B fails to define ethical social responsibility. C. Manager B is incorrect in projecting an increased focus on competitive advantage. D. Manager B is incorrect in accepting Manager A’s views on the growth of virtual management. 4. During a change-planning phase, the change agent communicates information gathered through diagnosis directly to the affected people. This process is called A. direct feedback. C. evaluation. B. team building. D. sensitivity training. 5. Which one of the following is a benefit of transforming to a virtual organization? A. Change is no longer a concern. B. Productivity increases. C. Monitoring employees is simplified. D. Standard communication methods still apply. 6. Suppose the Vietnamese government imposes a tax on imported goods. What is this tax called? A. Embargo C. Boycott B. Quota D. Tariff 7. Of the following topics, which one is most likely to be covered in a code of ethics? A. Quality C. Connection B. Honesty D. Production 8. When the value of exports from a country exceeds the value of the imports into that country, the country experiences a/an A. trade deficit. C. trade surplus. B. balance of payments. D. unfavorable balance of trade. 9. To be effective, a code of ethics must be A. voluntary. C. enforced. B. collaborative. D. prepared by top management. Examination, Lesson 5 107 10. What is one reason for creating a diverse workforce? A. Employee population is increasingly homogeneous. B. Customer population is decreasingly diverse. C. Increasing diversity minimizes the risk of litigation. D. Retaining top talent means recruiting more Asians. 11. Selling products to another country is known as A. diversification. C. trade protectionism. B. exporting. D. comparative advantage. 12. A group of shoe manufacturers in the United States, Japan,.

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1. Carolyn spends $2.50 for a hamburger at a restaurant. Which of the following would be included in the gross domestic product? A) The $2.50 Carolyn spends for the hamburger B) The price the restaurant paid for the meat in the hamburger C) The price the restaurant paid for the bun D) all of the above E) none of the above 2. Most goods and services included in the U.S. gross domestic product are bought by A) businesses in the United States B) state, local, and federal governments in the United States C) people and businesses in other nations D) consumers in the United states E) none of the above 3. Which of the following makes an adjustment for both inflation and population change? A) the consumer price index B) the unemployment rate C) real GDP per capita D) final goods and services E) all of the above 4. A nation’s standard of living will rise if A) GDP and population increase at the same rate B) real GDP per capita increases C) population increases more than GDP D) production and consumption decrease E) all of the above 5. Productivity is A) a measure of the total amount of goods manufactured. B) a measure of how much output is produced per unit of input. C) an unimportant statistic commonly ignored by economists. D) an important measure of how the U.S. economy is doing. E) B and D. 6. A nation’s productivity is directly affected by A) the education of its labor force. B) the amount of physical capital used. C) the level of innovation used. D) all of the above E) none of the above 7. A farmer produces wheat and sells it for $.50. A miller buys the wheat, grinds it into flour, and sells the flour for $1.00. A baker buys the flour, produces a loaf of bread, and sells it to a consumer for $2.00. The amount added to gross domestic product in this example is A) 50 cents B) $1.00 C) $2.00 D) $3.50 E) none of the above 8. In the U.S. economy, the total value of goods and services produced per year is measured by A) the gross domestic product. B) the consumer price index. C) the productivity of labor. D) the Dow Jones Industrial Average. E) none of the above 9. Which of the following best summarizes the key elements used to calculate the gross domestic product (GDP) of the United States using the expenditure approach? A) business inventories, net imports, balance of payments B) disposable income, consumer spending, housing starts C) unemployment, factory wages, personal consumption, personal income D) consumer spending, business investment, government spending, net exports E) none of the above 10. A recession is said to occur when real gross domestic product (GDP) declines for a period of at least A) two days B) two weeks C) two months D) two quarters E) two years 11. The consumer price index (CPI) is used to measure A) inflation. B) productivity. C) gross domestic product. D) structural unemployment. E) all of the above 12. Which of the following best describes the difference between GDP and real GDP? A) unlike GDP, real GDP measures only the val ...

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1. The main advantage to a corporation is… A) ease of entry B) limited liability for the owners C) dividends all go to one person D) owners share managerial duty E) all of the above 2. The main advantage to a sole proprietorship is… A) ease of entry B) financial capital is easy to obtain C) owners need little expertise in the day to day business D) limited liability for the owner E) all of the above 3. The main disadvantage to a sole proprietorship is… A) profits must be shared B) difficult and expensive to open C) unlimited liability D) single taxation E) all of the above 4. The owners of a corporation are called A) Corporate officers B) The board of directors C) Stockholders D) Corporate executives 5. Profit is defined as A) net revenue minus depreciation. B) average revenue minus average total cost. C) marginal revenue minus marginal cost. D) total revenue minus total cost. 6. Which of the following is most likely to be a fixed cost? A) materials B) wages C) rent D) utilities E) all of the above 7. A variable cost… A) increases as production increases. B) is a constant cost of production. C) is always changing no matter the circumstance. D) is a cost like manager’s salaries, rent, etc. E) none of the above 8. Opportunity costs are comprised of A) explicit costs. B) implicit costs. C) forgone income. D) all of the above. 9. An example of an explicit cost of production would be A) the cost of forgone labor earnings for an entrepreneur. B) the cost of flour for a baker. C) the lost opportunity to invest in other capital markets when the money is invested in one’s business. D) none of the above. 10. If marginal cost is rising A) marginal product must be rising. B) marginal product must be falling. C) average variable cost must be falling. D) average fixed cost must be rising. 11. Economies of scale occur when A) long-run average total costs rise as output increases. B) average fixed costs are falling. C) long-run average total costs fall as output increases. D) average fixed costs are constant. 12. For a firm in a perfectly competitive market the price of the good is always equal to A) marginal revenue. B) average revenue. C) equilibrium market price. D) all of the above. 13. Which of the following is not a characteristic of a perfectly competitive market? A) Firms are price takers. B) There are many sellers in the market. C) Goods offered for sale are largely the same. D) Firms have difficulty entering the market. 14. When firms are said to be price takers, it implies that if a firm raises its price, A) buyers will go elsewhere. B) buyers will pay the higher price in the short run. C) competitors will also raise their prices. D) firms in the industry will exercise market power. 15. Characteristics of a Monopoly include: (i) sole seller of its product. (ii) product does not have close substitutes. (iii) generates large economic profits. (iv) they must sell at a cert ...

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