1 One thing that the public and many economists overlook when considering the solution to a problem is: The unintended consequences The intended consequences The positive incentives The negative incentives

One thing that the public and many economists overlook when considering the solution to a problem is: The unintended consequences The intended consequences The positive incentives The negative incentives

2 The invention and use of machinery, such as the cotton gin, water wheel, and personal computer, allowed people to make things more easily. These inventions directly aided societies in improving in which economic areas? Productivity Competition Scarcity Unemployment

2 The invention and use of machinery, such as the cotton gin, water wheel, and personal computer, allowed people to make things more easily. These inventions directly aided societies in improving in which economic areas? Productivity Competition Scarcity Unemployment

3 According to the table, over a three month period The Pencil Company has experienced: An increase in its numbers of employees A decrease in its number of employees An increase in productivity A decrease in productivity

3 According to the table, over a three month period The Pencil Company has experienced: An increase in its numbers of employees A decrease in its number of employees An increase in productivity A decrease in productivity

4 Productivity may BEST be defined as: The quantity of production The amount of revenue earned The relationship between inputs to outputs The quality of what is produced

4 Productivity may BEST be defined as: The quantity of production The amount of revenue earned The relationship between inputs to outputs The quality of what is produced

5 Use the Possible Combinations Schedule, what is the marginal opportunity cost for increasing boat production from 80 to 105? 50 Cars 50 Boats 25 Cars 25 Boats

5 Use the Possible Combinations Schedule, what is the marginal opportunity cost for increasing boat production from 80 to 105? 50 Cars 50 Boats 25 Cars 25 Boats

6 In the graph, point C represents: Unemployment Inefficiency Unattainability Efficient Production

6 In the graph, point C represents: Unemployment Inefficiency Unattainability Efficient Production

7 In a command economy, resources are allocated to the production of goods and services based on: The forces of supply and demand Traditional customs passed down through generations Decisions by government planners Comparative advantage over other nations

7 In a command economy, resources are allocated to the production of goods and services based on: The forces of supply and demand Traditional customs passed down through generations Decisions by government planners Comparative advantage over other nations

8 Susanna loves cheerleading, but she is now facing a tough decision. She has to make a decision between how much time she spends as a cheerleader and how much time she needs to spend studying her economics. Which economic concept describes the problem she is facing? Fiscal Policy Competition Scarcity Supply and Demand

8 Susanna loves cheerleading, but she is now facing a tough decision. She has to make a decision between how much time she spends as a cheerleader and how much time she needs to spend studying her economics. Which economic concept describes the problem she is facing? Fiscal Policy Competition Scarcity Supply and Demand

9 Which of the following BEST explains why mechanical engineers are paid more than janitors? Engineers make more money for a firm and are in shorter supply Engineers are more educated than janitors Engineers do mental work but janitors do physical work Engineers work longer hours than janitors

9 Which of the following BEST explains why mechanical engineers are paid more than janitors? Engineers make more money for a firm and are in shorter supply Engineers are more educated than janitors Engineers do mental work but janitors do physical work Engineers work longer hours than janitors

10 The market uses which allocation strategy? Price Government First come, first serve Contests

10 The market uses which allocation strategy? Price Government First come, first serve Contests