Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
Give this quiz to my class
Q 1/40
Score 0
The study of economics is primarily concerned with
30
managing money and financial assets
allocating scarce resources to meet society wants
promoting economic equality and crating a just society
enacting laws that protect the environment
Q 2/40
Score 0
What is the difference between physical capital and human capital?
30
Physical capital is used in the modern production process while human capital is no longer used in modern economies
Physical capital is money while human capital is labor done by workers
Physical capital are tangible resources used to produce goods and serve while human capital is intangible knowledge and skills
Physical capital can only be sed in market economies
40 questions
Q.
The study of economics is primarily concerned with
1
30 sec
Q.
What is the difference between physical capital and human capital?
2
30 sec
Q.
The next best alternative given up when a decision is made is called.
3
30 sec
Q.
The production possibilities curve (or frontier) shows
4
30 sec
Q.
For the production possibilities above, the opportunity cost of moving from combination "D" to combination "C" is
5
30 sec
Q.
Which of the following is true if the individual with these production possibilities above was producing 20 shoes and 2 hats?
6
30 sec
Q.
A point outside the production possibilities frontier represents
7
30 sec
Q.
Which of the following is true if a production possibilities curve for two goods is straight rather than bowed outward?
8
30 sec
Q.
A bowed-out production possibilities curve shows
9
30 sec
Q.
Which of the following will NOT result in an outward (rightward) shift of the production possibilities curve.
10
30 sec
Q.
Whic of the following statements is true?
11
30 sec
Q.
Which of the following best summarized the main difference between command economies and free market economies?
12
30 sec
Q.
Whicn of the following is true according toeh the circular flow model?
13
30 sec
Q.
Assume that Brazil can produce 30 tons of sugar or 20 tons of wheat and Peru can produce 20 tons of sugar or 10 tons of wheat. Which of the following is true?
14
30 sec
Q.
Assume that Brazil can produce 30 tons of sugar or 20 tons of wheat and Peru can produce 20 tons of sugar or 10 tons of wheat. Given the information...
15
30 sec
Q.
Hannah takes 20 minutes to wash dishes and 40 minutes to vacuum the house. Kevin take 15 minutes to wash dishes and 30 minutes to vacuum. Which of the following is true?
16
30 sec
Q.
Hannah takes 20 minutes to wash dishes and 40 minutes to vacuum the house. Kevin take 15 minutes to wash dishes and 30 minutes to vacuum. According to the theory of comparative advantage, how should these two individuals divide the work to minimize the amount of time it takes to get both jobs done?
17
30 sec
Q.
If the price of asparagus is below the equilibrium price, there is a shortage of asparagus and the price of asparagus will rise until the shortage disappears
18
30 sec
Q.
Gasoline refiners expect the price of oil will fall next month. If the supply of oil does not change, the equilibrium price of oil today falls and the equilibrium quantity today decreases.
19
30 sec
Q.
The equilibrium price of a good occurs if the
20
30 sec
Q.
Which of the following is the best explanation for why the price of gasoline increases during the summer months?
21
30 sec
Q.
The supply of a good will increase and ther will be a movement up along the supply curve of the good if the price of one of its substitutes in production falls.
22
30 sec
Q.
The shift of the supply curve of pizza illustrated in Figure 4.8 could be he result of
23
30 sec
Q.
The shift of the supply curve of pizza illustraed in Figure 4.8 could be the result of
24
30 sec
Q.
The "law of demand" indicates that if the University of Maine icreases its tuition, all other things remaining the same
25
30 sec
Q.
When moving along a demand curve, which of the following changes?
26
30 sec
Q.
when Sue's income increases, her demand for movies increases. For Sue, movies are a normal good.
27
30 sec
Q.
A rise in the price of a computer increases the demand for computers because a computer is a normal good.
28
30 sec
Q.
A person has an absolute advantage in an activity if the person can perform the activity at lower opportunity cost than someone else.
29
30 sec
Q.
To achieve the gains from trade, a producer specialized in the product in which he or she has a comparative advantage and then trades with others.
30
30 sec
Q.
"Comparative advantage" is defined as a situation in which one person can produce
31
30 sec
Q.
In one hour John can produce 20 loaves of bread or 8 cakes. In one hour Phyllis can produce 30 loaves of brad or 15 cakes. Which of the following statements is true?
32
30 sec
Q.
Production possibilities per person in the United States have remained constant during the last 30 years.
33
30 sec
Q.
Moving from one point on the PPC (F) to another point of the PPC (F) has no opportunity cost.
34
30 sec
Q.
Moving between two points on a PPF, a country gains 6 automobiles and forgoes 3 trucks. Tge opportunity cost of 1 automobile is
35
30 sec
Q.
A country produces only cans of soup and ink pens. If the country produces on its bowed outward PPC and increases the production of cans of soup, the opportunity cost of additional
36
30 sec
Q.
A point outside the production possibilities curve is unattainable
37
30 sec
Q.
Moving from one point on the PPC to another point on the PPC illustrates a free lunch
38
30 sec
Q.
Firms or businesses owns the factors of production
39
30 sec
Q.
Which of the following correctly lists the factors of production?