Economic Key Facts - Part 1
Quiz by Darla McGuire
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- Q1
Economics is defined as...
defining a problem
the study of neuroscience
the study of people and choices.
30s - Q2
What is scarcity?
Choices
PPC
Tradeoffs
unlimited wants but limited resources
30s - Q3
Opportunity cost is best described by the saying...
"Don't count your chickens before they hatch."
"A fool and his money are soon parted."
"A bird in the hand is worth two in the bush."
"There is no such thing as a free lunch."
30s - Q4
Opportunity cost is...
the next best alternative
your actual decision
30s - Q5
Maria needs to go to college. Which economic model should she use to help her make this decision?
Model Airplane
PPC
SMART Goals
PACED Decision Making Model
30s - Q6
This economic model is a curve illustrating the varying amounts of two products that can be produced when both depend on the same finite resources.
PACED Decision Making Model
Model Airplane
PPC/PPF (Production Possibilities Curve/Frontier)
SMART Goals
30s - Q7
The four factors of production include:
Land, Plants, Seeds, Grass
None of these
Land, Labor, Entrepreneurship, Capital
Animals, Land, Machines, People
30s - Q8
Every economic system has to answer what 3 basic economic questions?
For whom will they be produced for?
What will be produced?
How will it be produced?
All of these
30s - Q9
Combines characteristics of BOTH a market and a command economy. Governments do NOT tell individuals and businesses directly what to produce BUT they impose laws & limitations.
Mixed Market Economy
Command Economy
Market Economy
Traditional Economy
30s - Q10
Economic questions are answered by traditions. What has always been done, will continue to be done - no modern technology.
Command Economy
Mixed Market Economy
Traditional Economy
Market Economy
30s - Q11
The government answers all 3 economic questions. This results in a struggle to provide adequate quantities for their nations.
Mixed Market Economy
Traditional Economy
Command Economy
Market Economy
30s - Q12
What people are supposed to produce, how they should produce it, and who will receive the goods/services are all determined by individuals & businesses. Consumers decide what will be produced by casting their “dollar votes.”
Traditional Economy
Command Economy
Market Economy
Mixed Market Economy
30s - Q13
United States of America is a _________________
Traditional Economy
Market Economy
Command Economy
Mixed Market Economy
30s - Q14
“The Fed” is short for
Congress
The Federal Deposit Insurance Corporation
The FBI
The Federal Reserve System
30s - Q15
This law illustrates that there is a direct, or positive, relationship between the price of a good or service and the quantity supplied of that good or service. If the price goes up the quantity supplied will go up and vice versa. What law is this?
Law of Equilibrium Pricing
Marginal Utility
Law of Demand
Law of Supply
30s