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Unit 1 & 2 Test Review #1

Quiz by April MacNamee

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19 questions
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  • Q1
    Economics
    Social science that studies the choices made due to scarcity
    30s
  • Q2
    Gets you to do something or act in a certain way
    Incentive
    30s
  • Q3
    Another name for Free Enterprise Economic System
    Capitalism
    30s
  • Q4
    Government incentive money used to spread positive externalities
    Subsidy
    30s
  • Q5
    Positive or negative effect of a transaction
    Externality
    30s
  • Q6
    Goods and Services provided by our government
    Public Goods
    30s
  • Q7
    Someone who benefits but doesn't contribute to the cost
    Free-rider
    30s
  • Q8
    Skills, training, degrees etc. needed to produce
    Human Capital
    30s
  • Q9
    Goods & services necessary for functioning of society- hospitals, schools, roads, communication etc.
    Infastructure
    30s
  • Q10
    Example of a Negative Externality
    Pollution
    30s
  • Q11
    Key feature of free enterprise that gives consumers and producers freedom in the market place
    Voluntary Exchange
    30s
  • Q12
    Are used by the government to limit or stop negative externalities
    Taxes/Regulation
    30s
  • Q13
    Government establishes some protections and regulations
    Modified Free Enterprise
    30s
  • Q14
    Small scale look at individuals, families and businesses
    Microeconomics
    30s
  • Q15
    Nothing is free because every choice has a cost
    TINSTAAFL
    30s

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