GED Social Studies Preparation Course: Economics

Temaquiz utan tidsgräns: 18 frågor om Economics, med en förklaring efter varje svar. Frågor och svar blandas varje gång.

Kurs
USA
99 frågor
Kontrollerad 13 oktober 2026
Faktagranskad 13 oktober 2026

Börja med lektionernaGED Social Studies Preparation: Lessons: cirka 330 minuters läsning. Alla provfrågor tas upp i lektionerna.

Temaquiz 4: Economics

Fråga 1 av 18
What does "scarcity" mean in economics?
- People's wants are greater than the resources available
- The government sets the price of most goods and services
- Prices go down over time
- A product is no longer made anywhere
Visa svar
Svar: A. People's wants are greater than the resources available
Scarcity is the condition in which wants are greater than the resources available to satisfy them, so people must make choices.
Fråga 2 av 18
Dana has one free evening. She can work an extra shift for $90 or go to a concert with friends. She goes to the concert. What is her opportunity cost?
- The price of the concert ticket
- The $90 she could have earned
- Nothing, because she enjoyed the concert
- The cost of getting to work
Visa svar
Svar: B. The $90 she could have earned
Opportunity cost is the most valuable option given up. Dana gave up the $90 shift to go to the concert.
Fråga 3 av 18
A bakery buys a new delivery van. Which factor of production is the van?
- Capital
- Labor
- Land
- Entrepreneurship
Visa svar
Svar: A. Capital
Capital means the machinery, tools and buildings people use to produce goods and services.
Fråga 4 av 18
The price of movie tickets rises sharply. According to the law of demand, what usually happens?
- People buy fewer movie tickets
- Theaters show fewer movies
- The price of popcorn falls to zero
- People buy more movie tickets
Visa svar
Svar: A. People buy fewer movie tickets
The law of demand says that as price rises, the quantity demanded falls.
Fråga 5 av 18
The price farmers get for strawberries rises. According to the law of supply, what usually happens?
- Farmers offer more strawberries for sale
- Buyers want more strawberries
- The price of strawberries soon doubles again
- Farmers offer fewer strawberries for sale
Visa svar
Svar: A. Farmers offer more strawberries for sale
The law of supply says that as price rises, the quantity supplied also rises.
Fråga 6 av 18
Hot dogs and hot dog buns are usually bought together. The price of hot dogs rises sharply. What most likely happens to the demand for buns?
- It increases
- It decreases
- It stays exactly the same
- It doubles
Visa svar
Svar: B. It decreases
Buns are a complement to hot dogs. When hot dogs cost more, people buy fewer of them, so they need fewer buns.
Fråga 7 av 18
The table shows a market for bags of apples. What is the equilibrium price?
Price per bag Bags buyers want Bags sellers offer
$2 500 200
$3 400 300
$4 350 350
$5 300 420
- $2
- $4
- $5
- $3
Visa svar
Svar: B. $4
Equilibrium is the price where the quantity buyers want equals the quantity sellers offer: 350 = 350 at $4.
Fråga 8 av 18
In the same apple market, what happens if the price is set at $5?
Price per bag Bags buyers want Bags sellers offer
$2 500 200
$3 400 300
$4 350 350
$5 300 420
- There is a shortage, which pushes the price up
- The market is at equilibrium
- There is a surplus, which pushes the price down
- Buyers want more bags than sellers are willing to offer
Visa svar
Svar: C. There is a surplus, which pushes the price down
At $5, sellers offer 420 bags but buyers want only 300. That surplus of 120 bags puts downward pressure on the price.
Fråga 9 av 18
What was the purpose of the Sherman Anti-Trust Act of 1890?
- To give land to western settlers
- To create the Federal Reserve
- To set a national minimum wage for all factory and farm workers
- To outlaw monopolies and business deals that restrain trade
Visa svar
Svar: D. To outlaw monopolies and business deals that restrain trade
The Sherman Act aimed to protect trade against unlawful restraints and monopolies. It was the first federal law of its kind.
Fråga 10 av 18
Which country has the comparative advantage in producing wheat?
Country Cloth per worker per day Wheat per worker per day
Arland 8 bolts 4 bushels
Bexia 3 bolts 3 bushels
- Neither country, because both produce wheat
- Arland, because each bushel of wheat costs it 2 bolts of cloth
- Arland, because its workers produce more wheat per day than Bexia's
- Bexia, because each bushel of wheat costs it only 1 bolt of cloth
Visa svar
Svar: D. Bexia, because each bushel of wheat costs it only 1 bolt of cloth
Comparative advantage means the lower opportunity cost. A bushel of wheat costs Arland 8 ÷ 4 = 2 bolts of cloth but costs Bexia 3 ÷ 3 = 1 bolt.
Fråga 11 av 18
The United States puts a tariff on imported steel. Which result is most likely?
- Imported steel costs more for U.S. buyers
- Foreign steel makers pay U.S. income tax
- U.S. steel makers face more competition from imports
- Imported steel becomes cheaper for U.S. buyers
Visa svar
Svar: A. Imported steel costs more for U.S. buyers
A tariff is a tax on imports. It raises the price of imported goods, which helps domestic producers but costs buyers more.
Fråga 12 av 18
A factory dumps waste into a river, and people downstream pay to clean their water. What is this an example of?
- Deflation
- A negative externality
- Comparative advantage
- A positive externality
Visa svar
Svar: B. A negative externality
A negative externality is a cost that spills over onto people outside the deal, like pollution.
Fråga 13 av 18
What is the difference between nominal GDP and real GDP?
- Nominal GDP is measured every 10 years
- Nominal GDP also counts goods that were made in other countries
- Real GDP counts only goods, not services
- Real GDP is adjusted to remove the effects of inflation
Visa svar
Svar: D. Real GDP is adjusted to remove the effects of inflation
GDP is the value of final goods and services produced. Real GDP removes price changes, so different years can be compared.
Fråga 14 av 18
Prices rise 2% over one year. According to the Federal Reserve's education site, what happens to a dollar?
- It buys about 2% fewer goods and services than a year before
- It buys about 2% more goods and services than a year before
- Its value stays the same until prices fall
- It is replaced by a new dollar that is worth 2% more than the old one
Visa svar
Svar: A. It buys about 2% fewer goods and services than a year before
Inflation is a general, sustained rise in prices. As prices rise, each dollar buys less.
Fråga 15 av 18
A town's labor force is 50,000 people, and 2,000 of them are unemployed. What is the unemployment rate?
- 25.0%
- 2.0%
- 4.2%
- 4.0%
Visa svar
Svar: D. 4.0%
Unemployment rate = unemployed ÷ labor force × 100 = 2,000 ÷ 50,000 × 100 = 4.0%.
Fråga 16 av 18
Which is one of the goals Congress has set for the Federal Reserve's monetary policy?
- A balanced federal budget
- Lower income tax rates
- Higher tariffs on imports
- Stable prices
Visa svar
Svar: D. Stable prices
The Fed's monetary policy aims for maximum employment, stable prices and moderate long-term interest rates.
Fråga 17 av 18
Congress and the president cut taxes and spend more on highways to help a weak economy. What kind of policy is this?
- Monetary policy
- Foreign policy
- Fiscal policy
- Trade policy
Visa svar
Svar: C. Fiscal policy
Fiscal policy is government decisions about taxes and spending. Monetary policy is run by the Federal Reserve.
Fråga 18 av 18
Two car loans have the same interest rate, but Loan B has higher fees. Which loan will show the higher APR?
- APR does not apply to car loans
- Loan A
- Loan B
- They will have the same APR
Visa svar
Svar: C. Loan B
The APR includes the interest rate plus fees and other charges, so the loan with higher fees has the higher APR.

Price per bag	Bags buyers want	Bags sellers offer
$2	500	200
$3	400	300
$4	350	350
$5	300	420

Price per bag	Bags buyers want	Bags sellers offer
$2	500	200
$3	400	300
$4	350	350
$5	300	420

Country	Cloth per worker per day	Wheat per worker per day
Arland	8 bolts	4 bushels
Bexia	3 bolts	3 bushels

Temaquiz 4: Economics

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