Econ Sept 8
Quiz by Roland Schmidt
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12 questions
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- Q1What is the fundamental problem in economics?scarcityGuns or buttertradeoffsHaves and have nots30s
- Q2What is not one of the three economic questions?For whom- who should get the produced goods and servicesWhat to produceHow the goods and services should be producedHow to equalize the distribution of resources30s
- Q3Which of the following is not a factor of production?CapitalLand and resourcesnone of the aboveLabor30s
- Q4The market in which firms purchase factors of production from households is called what?Factor MarketProduct MarketProduction Possibilities FrontierConsumer Sovereignty30s
- Q5An arrangement that allows for exchange among buyers and sellerseconomic self interestspecializationcommand systemmarket30s
- Q6What is the market in which households purchase the goods and services that firms produce?Consumer SovereigntyProduct MarketFactor MarketEntrepreneurial ability30s
- Q7Who wrote The Wealth of Nations?Adam SmithMilton FriedmanKarl MarxDavid Ricardo30s
- Q8What did Adam Smith call the effect in a free market when consumer get the products they want for the prices that closely reflect the cost to produce them?Self InterestConsumer SovereigntySpecializationThe Invisible Hand30s
- Q9What does Laissez Faire mean?judge fairlyjustice onlykeep fairTo leave alone30s
- Q10What is the most desirable alternative given up as a result of a decision called?guns or buttertrade-offscarcityopportunity cost30s
- Q11What is the graph that shows alternative ways to use an economy's resources called?Production Possibilities CurveGDPTrade off GridEfficiency Possibilities30s
- Q12Why does the curve on a Production Possibilities Curve slope sharply at the ends?Specialization costIt's a curve - that's what curves do.Opportunity Cost increasesProduction efficiency decreases30s