Practice Quiz

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81. How do economists quantify the possibility that invested money could have been used for another purpose later on?
  1. Risk
  2. Cost of money
  3. Inflation
  4. Opportunity cost
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82. What is the difference between capital goods and consumer goods?
  1. Capital goods create value, while consumer goods do not.
  2. Capital goods cost more than consumer goods.
  3. Capital goods are purchased by manufacturers; consumer goods are bought by individuals.
  4. Capital goods are bought and then resold as consumer goods
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83. How is efficiency defined in macroeconomics?
  1. Reducing cost as much as possible
  2. Allocating resources to maximize total utility
  3. Matching supply and demand as closely as possible
  4. Matching marginal cost and marginal utility as nearly as possible
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84. What is a market failure?
  1. A trader who fails to make money on the market
  2. A product that has zero demand
  3. A situation in which the market does not allocate resources efficiently
  4. A market in which goods cannot be bought or sold
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85. What is the most common effect when a government prints a great deal of money?
  1. Prices in that currency go up.
  2. That nation becomes wealthier because it has more money.
  3. The nation’s overall liquidity increases.
  4. The currency becomes more popular for savings.
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