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 1/44
Score 0
Which describes scarcity?
30
A condition where supply exceeds demand.
An unlimited demand for goods and services.
The situation that exists when there is temporarily a shortage of a good or service.
Unlimited wants exceeding limited resources.
Q 2/44
Score 0
In the production of chocolate chip cookies, which represents the factor of capital?
30
the oven used to bake the cookies
the worker who decorates the cookies
the retailer who sells the cookies
the dough used to bake the cookies
44 questions
Q.
Which describes scarcity?
1
30 sec
Q.
In the production of chocolate chip cookies, which represents the factor of capital?
2
30 sec
Q.
Opportunity cost is best described as the
3
30 sec
Q.
Which statement is true about the graphic ?
4
30 sec
Q.
On the graph above, shifting production from 10 lbs of cheese to 20 lbs of cheese means an opportunity cost of
5
30 sec
Q.
If this country decides to produce 40 pounds of cheese, what is their opportunity cost?
6
30 sec
Q.
Alex and Dylan both wash cars and change oil. Currently, each man washes and changes oil by himself, but the process takes a long time. They would MOST LIKELY improve their efficiency if
7
30 sec
Q.
Which of the following is NOT one of the three basic economic questions that must be answered in an economy?
8
30 sec
Q.
Competition and free enterprise are most common in which type of economic system?
9
30 sec
Q.
Which type of economic system is MOST likely to experience high amounts of government regulation and low amounts or private ownership?
10
30 sec
Q.
What are governments MOST LIKELY attempting to do when they increase unemployment benefits, implement more welfare programs, and rearrange tax brackets?
11
30 sec
Q.
Copyrights, trademarks, and patents are all ways governments try to serve which role?
12
30 sec
Q.
Investing heavily in new capital equipment and technology is MOST related to
13
30 sec
Q.
Which statement is true about the circular flow diagram?
14
30 sec
Q.
The SOLID arrows on this circular flow diagram represent the flow of
15
30 sec
Q.
The DASHED arrows on this circular flow diagram represent the flow of
16
30 sec
Q.
The primary of role of money in the economy is to
17
30 sec
Q.
Which statement describes the law of demand?
18
30 sec
Q.
Which describes what has happened in the graph above?
19
30 sec
Q.
The graph above shows how a change in equilibrium price and quantity can result from
20
30 sec
Q.
If, in a market, a particular store notices a lot of merchandise piling up on the shelves and in the stock room, how could they encourage existing buyers to buy the goods?
21
30 sec
Q.
The change seen in the graph would have been caused by
22
30 sec
Q.
Which headline supports what has happened in the graph?
23
30 sec
Q.
If the price of an item increases, demand for its substitutes
24
30 sec
Q.
When the income in households increases, what is the likely result?
25
30 sec
Q.
In the graph, a forced price of ₤.40 represents which situation?
26
30 sec
Q.
Demand for gasoline is said to be fairly inelastic for many people. This is probably because
27
30 sec
Q.
A key advantage of a partnership is
28
30 sec
Q.
Which provides the greatest incentive for entrepreneurs to take risks?
29
30 sec
Q.
Assume Company 1 and Company 2 operate as an oligopoly. Which statement BEST represents this?
30
30 sec
Q.
Company X sells a good where there is a lot of competition. Companies enter and leave the market often. Company X stays in business because they constantly use advertising to make their product seem different. In which market structure does Company X operate?
31
30 sec
Q.
A market structure in which there is only one seller is known as a
32
30 sec
Q.
Gross Domestic Product is a method for calculating how much a country produces by adding which four spending categories?
33
30 sec
Q.
Comparing real GDP between two consecutive years is MOST useful in determining which economic measurement?
34
30 sec
Q.
The town of Smithville recently closed the blacksmith factory and now all of the blacksmiths are out of work. This type of unemployment is known as
35
30 sec
Q.
Which person below would be considered frictionally unemployed?
36
30 sec
Q.
If an economy is currently experiencing a contraction or recession, which stage of the business cycle will they experience next?
37
30 sec
Q.
A budget surplus means that
38
30 sec
Q.
National debt is different than government deficits in that
39
30 sec
Q.
Which type of financial institution is MOST likely to require a membership and offer lower rates and special perks to their members?
40
30 sec
Q.
Jill discovers her recent credit application was rejected. Based on her credit report above, the MOST LIKELY reason for this would be the fact that she
41
30 sec
Q.
Bill is choosing between two different savings accounts. One has simple interest and the other has compound interest. If Bill is planning on saving money for a long period of time and he wants the most return on his savings, he should choose the account with
42
30 sec
Q.
Which type of insurance does a person need if they wish to continue to receive a paycheck while they are out of work due to an injury?
43
30 sec
Q.
A good example of the effect of education on income would be that
