Explain how the Enlightenment and other contributing theories impacted the writing of the Declaration of Independence, the US Constitution and the Bill of Rights to help promote liberty, justice and equality (e.g., natural rights, classical theories of government, Magna Carta, Montesquieu, Locke, English Bill of Rights, etc.).
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Q 1/45
Score 0
What do we call the cost of the next best alternative that is forgone when making a decision?
30
Opportunity cost
Fixed cost
Sunk cost
Variable cost
Q 2/45
Score 0
What is the economic principle that describes the limited nature of society's resources?
30
Sustainability
Scarcity
Abundance
Equity
45 questions
Q.
What do we call the cost of the next best alternative that is forgone when making a decision?
1
30 sec
FP.C&G.1.2
Q.
What is the economic principle that describes the limited nature of society's resources?
2
30 sec
Q.
In a traditional economy, how are goods and services typically produced?
3
30 sec
Q.
Which of the following best describes the ownership of resources in a traditional economy?
4
30 sec
Q.
What is a common method of trade in a traditional economy?
5
30 sec
Q.
Which of the following factors is least likely to influence a traditional economy?
6
30 sec
Q.
What is a characteristic feature of a command economy?
7
30 sec
Q.
What often leads to inefficiencies in a command economy?
8
30 sec
Q.
Which of the following best describes how prices are determined in a command economy?
9
30 sec
Q.
What is a potential downside of a command economy?
10
30 sec
Q.
How is the labor force typically organized in a command economy?
11
30 sec
Q.
Which of the following is a fundamental principle of a market economy?
12
30 sec
Q.
In a market economy, what signals to producers what to make?
13
30 sec
Q.
Which of the following best describes a mixed economy?
14
30 sec
Q.
What is the primary purpose of a cost/benefit analysis?
15
30 sec
Q.
What does it mean if the benefits of a project outweigh the costs in a cost/benefit analysis?
16
30 sec
Q.
Which of the following is an example of a tradeoff?
17
30 sec
Q.
In the context of time management, what does a tradeoff typically involve?
18
30 sec
Q.
What is the primary consideration when making a tradeoff?
19
30 sec
Q.
Which of the following is NOT considered a factor of production?
20
30 sec
Q.
What are the four main factors of production?
21
30 sec
Q.
Which factor of production includes tools, machinery, and buildings used in the production process?
22
30 sec
Q.
What is the role of entrepreneurship in the factors of production?
23
30 sec
Q.
Which of the following is an example of a capital good?
24
30 sec
Q.
If you spend your savings on a new smartphone, what is the opportunity cost of your decision?
25
30 sec
Q.
When considering attending college, what would be an example of an opportunity cost?
26
30 sec
Q.
What does a point inside the production possibilities curve (PPC) indicate?
27
30 sec
Q.
What does a straight-line production possibilities curve (PPC) indicate about the trade-offs between two goods?
28
30 sec
Q.
If a country is producing at a point on the production possibilities curve (PPC), what does this signify?
29
30 sec
Q.
What does a bow-shaped production possibilities curve (PPC) typically represent?
30
30 sec
Q.
What does the area outside the production possibilities curve (PPC) represent?
31
30 sec
Q.
What is an example of a positive incentive?
32
30 sec
Q.
Which of the following is a potential negative incentive?
33
30 sec
Q.
What is a common negative incentive used in schools to encourage attendance?
34
30 sec
Q.
What is an example of a non-monetary incentive that companies might use to improve employee morale?
35
30 sec
Q.
Which of the following is considered a behavioral incentive in education?
36
30 sec
Q.
What is an example of an environmental incentive to encourage eco-friendly behavior?
37
30 sec
Q.
Which of the following policies is considered a disincentive for pollution?
38
30 sec
Q.
What effect does a disincentive typically have on behavior?
39
30 sec
Q.
What is the profit motive?
40
30 sec
Q.
What is the primary benefit of specialization in an economy?
41
30 sec
Q.
Which of the following is an example of specialization in the workplace?
42
30 sec
Q.
How does specialization in trade benefit countries economically?
43
30 sec
Q.
What does the concept of voluntary exchange refer to in economics?
44
30 sec
Q.
Which of the following is NOT one of the three basic economic questions?
