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Question 1 of 20
5.0 Points
Which statement is true?
A. A depression followed both World War I and World WarII.
B. A depression followed neither World War I nor World WarII.
C. A depression followed World War I, but not World WarII.
D. A depression followed World War II but not World WarI. Reset Selection
Question 2 of 20
5.0 Points
There was full employment in:
A. 1929 and 1942.
B. neither 1929 nor 1942.
C. 1929 only.
D. 1942 only. Reset Selection
Question 3 of 20
5.0 Points
Between 1939 and 1944 our national output:
A. rose by 50%.
B. nearly doubled.
C. rose by 150%.
D. nearly tripled. Reset Selection
Question 4 of 20
5.0 Points
The early 1930s was a period of:
A. inflation and deflation.
B. neither inflation nor deflation.
C. inflation.
D. deflation. Reset Selection
Question 5 of 20
5.0 Points
The name of Andrew Carnegie is most closely associated with the__________ industry.
A. steel
B. rubber
C. meatpacking
D. chemical Reset Selection
Question 6 of 20
5.0 Points
The transcontinental railroads were completed in the 25 years:
A. before the Civil War.
B. after the Civil War.
C. after 1890.
D. after the 20th century began. ResetSelection
Question 7 of 20
5.0 Points
The term “the affluent society” was coined by:
A. Michael Harrington.
B. John Kenneth Galbraith.
C. Karl Marx.
D. Adam Smith. Reset Selection
Question 8 of 20
5.0 Points
In order to raise our rate of economic growth we would need to:
A. increase the level of labor or capital.
B. reduce the level of labor.
C. spend more on military goods.
D. spend more on consumer goods. ResetSelection
Question 9 of 20
5.0 Points
Human wants are:
A. relatively limited.
B. relatively unlimited.
C. easily satisfied.
D. about equal to our productive capacity. ResetSelection
Question 10 of 20
5.0 Points
Whom of the following is NOT an entrepreneur?
A. Henry Ford (Ford Motor Company)
B. Tim Berners-Lee (creator of the World WideWeb)
C. John David Rockefeller (Standard Oil)
D. Bill Gates (Microsoft) Reset Selection
Question 11 of 20
5.0 Points
Which of the following is an example of capital?
A. Money in a Swiss bank account
B. A bulldozer
C. A CD by Metallica
D. A Dracula costume for Halloween ResetSelection
Question 12 of 20
5.0 Points
Tommy spends most of his monthly budget on $3 video game rentals or$6 packets of Pokemon cards. The opportunity cost to Tommy of anextra packet of Pokemon cards is:
A. one video game rental.
B. two video game rentals.
C. the cost of the Pokemon cards.
D. zero. Reset Selection
Question 13 of 20
5.0 Points
The invisible hand is:
A. perfect competition.
B. the profit motive.
C. government direction.
D. the mixed economy. Reset Selection
Question 14 of 20
5.0 Points
Hitler’s Germany was an example of a __________ economicsystem.
A. Capitalist
B. Fascist
C. Communist
D. Socialist Reset Selection
Question 15 of 20
5.0 Points
Karl Marx said that:
A. whoever controls a society’s capital controls thatsociety.
B. in the long run capitalism would survive.
C. the U.S.S.R.’s communist system was “statecapitalism.”
D. capitalists and workers generally have the same economicinterests. Reset Selection
Question 16 of 20
5.0 Points
Private ownership of most of the means of production is commonto:
A. capitalism and communism.
B. capitalism and fascism.
C. capitalism and socialism.
D. fascism and communism. Reset Selection
Question 17 of 20
5.0 Points
Sweden and Norway would best be described as __________countries.
A. Capitalist
B. Fascist
C. Communist
D. Socialist Reset Selection
Question 18 of 20
5.0 Points
At equilibrium, quantity demanded __________ equals quantitysupplied.
A. always
B. usually
C. sometimes
D. never Reset Selection
Question 19 of 20
5.0 Points
When the market price is higher than the equilibrium price, thereis:
A. a surplus.
B. a shortage.
C. both a shortage and a surplus.
D. neither a shortage nor a surplus. ResetSelection
Question 20 of 20
5.0 Points
A decrease in demand means that quantity demanded falls:
A. at least one price.
B. at a few prices.
C. at most prices.
D. at all prices.
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