Basic Economics Pre-Assessment
K - University grade
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4 years ago
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100 QuestionsShow answers
  • Question 1
    30 seconds
    Q.    Scarcity can best be defined as 
    answer choices
    A Shortage of a product
    Where demand is greater than supply
    Unlimited wants vs Limited resources 
    Limited wants vs unlimited resources 
  • Question 2
    30 seconds
    Q. Which of the following is NOT a consumer good?
    answer choices
    a bulldozer at a construction site
    a Happy Meal at McDonalds
    a pack of Doritos in a vending machine
    a television set for sale at an appliance store
  • Question 3
    30 seconds
    Q. Which of the following resources would economists classify as “capital”?    
    answer choices
    Raw Bauxite in a South African mine 
    A hammer used in framing a house 
    A worker hired to repair engines 
    Trees used to make paper 
  • Question 4
    30 seconds
    Q. The United States has decided to spend more money on military goods and less on education. The opportunity cost for spending more money on military goods would be which of the following?
    answer choices
    the satisfaction of destroying our enemies
    the money used to fund the military
     money to spend on education
    better paid soldiers
  • Question 5
    30 seconds
    Q. ________ is the most basic economic problem.
    answer choices
    Scarcity
    Labor
    Greed
    Capital
  • Question 6
    60 seconds
    Q. Opportunity Cost is best defined as
    answer choices
    The best rejected alternative you give up when making a decision 
    The price you pay to purchase something 
    The benefit you gain by making a decision 
    The amount of debt you take on by making a decision 
  • Question 7
    180 seconds
    Q. Which of the following statements is true: 
    answer choices
    An economist would consider something scarce only if it is limited (not anything else) 
    A trade off occurs when you give up something you want in order to get something else you want 
    The economic social goal, economic equity, means everyone gets the same amount of money 
    In a traditional economy, the government gets to decide the answers to the 3 basic economic questions
  • Question 8
    60 seconds
    Q. Which of the following is a need?
    answer choices
    clothes
    car
    job
    smart phone
  • Question 9
    30 seconds
    Q. The major types of resources used to make a product are called  
    answer choices
    natural resources
    factors of reduction
    factors of production
    capital resources
  • Question 10
    20 seconds
    Q. Choosing to make cars instead of trucks results in
    answer choices
    opportunity cost
    increased wealth
    expanding the production possibilities curve
    TINSTAAFL rating upgrade
  • Question 11
    20 seconds
    Q. You give up one thing to have more of another in _________________.
    answer choices
    a trade off
    an opportunity
    production
    scarcity
  • Question 12
    20 seconds
    Q. Limited resources available to satisfy unlimited wants & needs create
    answer choices
    theories
    allocation
    scarcity
    opportunity benefits
  • Question 13
    60 seconds
    Q. What is the fundamental problem of economics? 
    answer choices
    How to keep consumers out of debt?
    How to fulfill our unlimited wants and needs with limited resources?
    How to figure out the way to make the most money?
    How do we ensure all people get a college education?
  • Question 14
    30 seconds
    Q. The 5 factors of productions are
    answer choices
    microeconomics, macroeconomics,wants, needs, scarcity
    capital, entrepreneurship, land, labor, trade-off
    opportunity cost, economic models, goods, services, capital
    capital, entrepreneurship, land, labor, technology
  • Question 15
    30 seconds
    Q. When people need to make economic choices due to a lack of available goods and money, this is called _________________________ in economic terms.
    answer choices
    trade offs
    scarcity
    opportunity cost
    incentive
  • Question 16
    30 seconds
    Q. A discount sale is also called an _________________________. This is a reward for buying something now rather then later.
    answer choices
    choice
    opportunity cost
    incentive
    trade off
  • Question 17
    30 seconds
    Q. When I choose one item over another because I cant afford both, this is called an ...
    answer choices
    scarcity
    opportunity cost
    choice
    incentive
  • Question 18
    30 seconds
    Q. ________ are decisions we all must make due to scarcity.
    answer choices
    trade offs
    scarcity
    choice
    incentive
  • Question 19
    30 seconds
    Q.
    answer choices
    Need
    Want
  • Question 20
    30 seconds
    Q.
    answer choices
    Need
    Want
  • Question 21
    30 seconds
    Q.
    answer choices
    Need
    Want
  • Question 22
    30 seconds
    Q.
    answer choices
    Need
    Want
  • Question 23
    30 seconds
    Q.
    answer choices
    Need
    Want
  • Question 24
    30 seconds
    Q.
    answer choices
    Need
    Want
  • Question 25
    30 seconds
    Q.
    answer choices
    Need
    Want
  • Question 26
    30 seconds
    Q.
    answer choices
    Need
    Want
  • Question 27
    30 seconds
    Q.
    answer choices
    Need
    Want
  • Question 28
    30 seconds
    Q.
    answer choices
    Need
    Want
  • Question 29
    30 seconds
    Q. What is scarcity? 
    answer choices
    Having too many resources 
    Not  having enough resources 
  • Question 30
    30 seconds
    Q. What is opportunity cost? 
    answer choices
    your choice
    what I give up to make a choice 
  • Question 31
    60 seconds
    Q. A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?
    answer choices
    muffins 
    cookies 
  • Question 32
    60 seconds
    Q. The Welch family has saved some money.  They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard.  They decide to spend the money on a swimming pool.  What is the opportunity cost of their decision?
    answer choices
    vacation 
    swimming pool 
  • Question 33
    60 seconds
    Q. Emelia has been invited to a sleep over at Chloe’s house for this Saturday.  Emelia has tickets to see her favorite band in concert that same night.  She decides to give the tickets to her sister and go to Chloe’s house.  What is the opportunity cost of her decision?
    answer choices
    seeing her favorite band 
    spending time at a friends house 
  • Question 34
    60 seconds
    Q. Max is studying for his spelling test.  Unfortunately, his favorite TV program is on right now.  If he studies for the test, he will miss watching the show.  Max decides to study for his test instead of watching TV.  What is the opportunity cost of his decision?
    answer choices
    studying for a test
    watching TV 
  • Question 35
    60 seconds
    Q. The local government for a community must decide what to do with the sales tax collected.  They could build a new skate park or they could buy more computers for the public library.  The officials decide to build a skate park.  What is the opportunity cost of their decision?
    answer choices
    new skate park
    more computers 
  • Question 36
    30 seconds
    Q. What does this graph show?
    answer choices
    Shortage
    Surplus
    Supply Table
    Equilibrium
  • Question 37
    30 seconds
    Q. Which of these is an example of an inferior good?
    answer choices
    Bike
    Uber
    Taxi
    Public Bus
  • Question 38
    30 seconds
    Q. Which of the following would not cause as shift in demand?
    answer choices
    Decrease in income
    Lower supply
    Change in tastes
    Increase in price
  • Question 39
    30 seconds
    Q. Which of the following would cause a change in supply?
    answer choices
    A change in market price
    A change in technology available
    A change in the number of sellers
    All of the above
  • Question 40
    30 seconds
    Q. What is an example of a competitive market?
    answer choices
    Walmart
    Mid-American Energy
    Cell service providers
    A small town cable provider
  • Question 41
    30 seconds
    Q. An economist would probably state that in a market economy, prices are generally determined by the interaction between 
    answer choices
    buyers and sellers
    wholesalers and retailers
    producers and labor unions
    consumers and government officials
  • Question 42
    30 seconds
    Q. In economics, the term demand refers to the quantity of a good that people
    answer choices
    will buy at one particular price over a long time period
    would like to consume on a given date
    will buy at many different prices at a particular time
    would like to have available during a given time period
  • Question 43
    30 seconds
    Q. Which of the following is likely to increase the demand for peanut butter?
    answer choices
    Fewer children in the population
    News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
    A big increase in the price of jelly.
    A report from the Surgeon General of the United States that eating peanut butter makes people nutty.
  • Question 44
    30 seconds
    Q. Summer is upon us, and people begin purchasing bathing suits in large numbers. What causes this change?
    answer choices
    Change in income
    Prices or availability of substitutes
    Change in the weather or season
    Change in the number of buyers
  • Question 45
    30 seconds
    Q. Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?
    answer choices
    Prices or availability of substitutes
    Prices or availability of complementary goods
    Change in the weather or season
    Change in the number of buyers
  • Question 46
    30 seconds
    Q. iTunes increases the price of all of its digital downloadable music to $6 per song. What causes this change?
    answer choices
    Prices or availability of substitutes
    Prices or availability of complementary goods
    Change in the weather or season
    Change in the number of buyers
  • Question 47
    30 seconds
    Q. Which one of the following scenarios would NOT result in a demand change for compact discs?
    answer choices
    Famous music artists put together a save-the-children CD, with proceeds going towards education
    CDs go on sale in an end-of-summer blowout sale.
    Auto manufacturers no longer put CD players into cars as a standard feature.
    U.S. Government taxes rise for the fourth straight year.
  • Question 48
    30 seconds
    Q. Supply is best defined as the measure of how much producers are willing and able to sell
    answer choices
    above the market-clearing price
    at any one price at a particular time
    at different prices at a particular time
    according to their resources and profit motives
  • Question 49
    30 seconds
    Q. Product X is in high demand. The price of Product X rises by 15%. The most likely result of theseevents would be an increase in
    answer choices
    supplier output
    natural resources
    consumer demand
    government intervention
  • Question 50
    30 seconds
    Q. New technology advances the rate at which furniture can be assembled. Why does this change the supply?
    answer choices
    Change in cost of production
    Changes in number of producers
    Changes in expectations
  • Question 51
    30 seconds
    Q. The cost of flour increases due to a drought in the Midwest. It now costs more to create baked goods. Why does this change the supply?
    answer choices
    Change in cost of production
    Changes in number of producers
    Changes in expectations
  • Question 52
    30 seconds
    Q. If bad weather destroys much of the wheat crop, then
    answer choices
    the price effect will cause growers to sell less wheat at lower prices.
    growers will offer less wheat at each and every price.
    no wheat products will be produced that year.
    none of the above.
  • Question 53
    30 seconds
    Q. The market equilibrium price is the price at which
    answer choices
    surpluses depress the number of goods supplied
    shortages and surpluses will have no effect on the market
    the government will not intervene in the market
    the quantity demanded is the same as the quantity supplied
  • Question 54
    30 seconds
    Q. In economics, a shortage of a product occurs when
    answer choices
    the product's price falls below its market-clearing level
    the product's market-clearing level reduces overall demand
    the people who buy the product consume more than they need
    the businesses producing the product become less efficient
  • Question 55
    30 seconds
    Q. Which of the following does NOT explain why market-clearing prices are important in a free enterprise economy?
    answer choices
    They help to ration available goods and services.
    Equilibrium prices provide incentives for people to produce goods and services.
    They provide information about producer costs and consumer wants.
    They help to create competition to drive prices upwards in order to create necessary surpluses.
  • Question 56
    30 seconds
    Q. A command economy is when the government is in control.
    answer choices
    True
    False
  • Question 57
    30 seconds
    Q. Which of the following countries has a command economy?
    answer choices
    USA
    France
    N Korea
    Germany
  • Question 58
    30 seconds
    Q. Individuals have freedom in a command economy.
    answer choices
    True
    False
  • Question 59
    30 seconds
    Q. One can buy guns and illegal drugs in a
    answer choices
    flea market.
    bazaar.
     black market. 
    Walmart. 
  • Question 60
    30 seconds
    Q. What was the worst economic period that lasted ten years? 
    answer choices
    Great Regression 
    Great Progress
    Great Recession
    Great Depression
  • Question 61
    30 seconds
    Q.  Which of the following is NOT a market economy?
    answer choices
    Japan 
    Canada
    Cuba
    USA
  • Question 62
    30 seconds
    Q. Which of the following is an example of a type of mixed economy?
    answer choices
    communism
    socialism
    free enterprise
    all of the above
  • Question 63
    30 seconds
    Q. What is an economic system characterized by central authority that makes most of the major economic decisions? 
    answer choices
    traditional economy
    free enterprise 
    mixed economy
    command economy
  • Question 64
    30 seconds
    Q. What is an economic system in which the government owns some factors of production and has a role in determining what and how goods are produced? 
    answer choices
    capitalism 
    market 
    socialism 
    economic system
  • Question 65
    30 seconds
    Q. Which of the following countries are/were command economies?
    answer choices
    N Korea 
    Cuba 
    Vietnam 
    All of the above 
  • Question 66
    30 seconds
    Q. What is one disadvantage of a command economy? 
    answer choices
    can drastically change direction
    allows citizens to get goods they cannot afford 
    people don't have much individual freedom 
  • Question 67
    30 seconds
    Q. Transitioning to capitalism can cause 
    answer choices
    more jobs 
    inequality
     increase in GDP per capita
    all of the above 
  • Question 68
    30 seconds
    Q. Which of the following is NOT a reason for countries to want to transition to capitalism?
    answer choices
    loss of political power 
    freedom of speech 
     increase in economic growth 
    responding to new incentives 
  • Question 69
    30 seconds
    Q. Which of the following has successfully transitioned to capitalism? 
    answer choices
    Asia 
    Cuba 
    Canada
    Japan 
  • Question 70
    30 seconds
    Q. Which of the following is a problem with transitioning to capitalism? 
    answer choices
    It generates wealth.
    People have to adjust to incentives.
    There is an increase in GDP per capita.
    All of the above. 
  • Question 71
    30 seconds
    Q. What type of economy does the US have?
    answer choices
    mixed 
    command
    traditional
    market
  • Question 72
    30 seconds
    Q. In a market economy, ____________ decides what needs to be made.
    answer choices
    consumer
    producer
    the government
    everyone
  • Question 73
    30 seconds
    Q. How does a market economy work?
    answer choices
    divide and conquer
    supply and demand 
    hide and seek
    none of the above 
  • Question 74
    30 seconds
    Q. Which is an advantage for market economies?
    answer choices
    Incredible variety of goods and services
    work and businesses face uncertainty
    does not produce enough goods
    all of the above
  • Question 75
    30 seconds
    Q. Which is a traditional economy? 
    answer choices
    Central African Mbuti
    Austrailian Aborigines 
    Inuit of Northern Canada 
    All of the above
  • Question 76
    30 seconds
    Q. Which is an advantage of a traditional economy?
    answer choices
    You get to try new ideas
    You don't get punished for anything.
    You get to do things the way your parents taught you
    No one has to do anything they don't want to.
  • Question 77
    30 seconds
    Q. What is the most powerful engine for producing wealth? 
    answer choices
    violence
    communism
    capitalism 
    fashion
  • Question 78
    30 seconds
    Q. What is the worst problem with transitioning to capitalism? 
    answer choices
    greed 
    underestimated cost 
    black markets 
    socialism
  • Question 79
    10 seconds
    Q. Which of the following is an economic system in which economic decisions are made according to social roles & culture?
    answer choices
    Market economy
    Command economy
    Traditional economy
    Mixed economy
  • Question 80
    10 seconds
    Q. Which of the following is an economic system in which a central, governmental authority decides how to use a country's scarce resources?
    answer choices
    Market economy
    Command economy
    Traditional economy
    Mixed economy
  • Question 81
    10 seconds
    Q. Which of the following is an economic system in which the government and individuals are used to decide how to use scarce resources?
    answer choices
    Market economy
    Command economy
    Traditional economy
    Mixed economy
  • Question 82
    20 seconds
    Q. Investing in what 2 kinds of resources can increase a country's GDP & standard of living?
    answer choices
    Productive & capital resources
    Human & capital resources
    Natural & capital resources
    Human & natural resources
  • Question 83
    10 seconds
    Q. What type of economy do most countries in the world have?
    answer choices
    Market economy
    Command economy
    Traditional economy
    Mixed economy
  • Question 84
    20 seconds
    Q. What 2 things encourage international trade?
    answer choices
    Specialization & scarcity
    Specialization & trade barriers
    Trade barriers & scarcity
    Specialization & currency
  • Question 85
    20 seconds
    Q. When a country won't trade at all with another country.
    answer choices
    Embargo
    Quota
    Tariff
    Specialization
  • Question 86
    20 seconds
    Q. Japan mainly produces electronics & automobiles. This is an example of:
    answer choices
    Interdependence
    Specialization
    Trade barrier
    Exchange rate
  • Question 87
    20 seconds
    Q. What is human capital?
    answer choices
    Taxes collected from a country's workers
    Money paid to workers for producing goods
    Skills and education workers have
    The amount of goods sold in foreign trade in a year
  • Question 88
    30 seconds
    Q. Which of the following would be an example of human capital? 
    answer choices
    The amount of workers who work in a Nike factory
    The skills of the shoe designers at Nike 
    Philip Knight, the CEO of Nike 
    The land that the Nike headquarters is located on in Beaverton Oregon
  • Question 89
    20 seconds
    Q. The four types of economic systems are: 
    answer choices
    Traditional, Command, Mixed, & Market
    Traditional, Command, Combined, & Market
    Communism, Capitalism, Free Market, and Macroeconomics
    Microeconomics, Macroeconomics, Individual, and Traditional.
  • Question 90
    20 seconds
    Q. How do you satisfy your unlimited wants in a world of limited resources?
    answer choices
    by making more money
    by making choices
    by stealing
    by setting a budget
  • Question 91
    5 seconds
    Q. Is this shelter a want or a need?
    answer choices
    Want
    Need
  • Question 92
    20 seconds
    Q. Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 
    answer choices
    What goods should be produced ?
    What is the price of the goods? 
    How should the goods be produced? 
    Who gets to consume the goods? 
  • Question 93
    10 seconds
    Q. Type of economy that is based on trading and bartering?
    answer choices
    Socialist
    Traditional
    Free Enterprise
    Command
  • Question 94
    10 seconds
    Q. Tony Romo, quarterback for the Dallas Cowboys NFL team, would be considered which one of the 4 economic resources?
    answer choices
    Land 
    Labor  
    Capital  
    Entrepreneurship
  • Question 95
    10 seconds
    Q. Government owns all industries.
    answer choices
    Socialism
    Communism
    Capitalism
  • Question 96
    10 seconds
    Q. The Government runs some, but not all of the basic industries within a country.
    answer choices
    Socialism
    Communism
    Capitalism
  • Question 97
    10 seconds
    Q. This economic system arose at the beginning of the Industrial Revolution.
    answer choices
    Socialism
    Communism
    Capitalism
  • Question 98
    20 seconds
    Q. The economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors.  This is what kind of economy? 
    answer choices
    Traditional 
    Market 
    Command 
    Centrally planned 
  • Question 99
    10 seconds
    Q. How many major economic questions are there? 
    answer choices
    1
    2
    3
    4
  • Question 100
    20 seconds
    Q. The doctrine that government generally should not intervene in the marketplace:
    answer choices
    laissez faire 
    self interest 
    economic transition 
    mixed economics 
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