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- 1. Multiple Choice________ is the most basic economic problem.ScarcityLaborGreedCapital
- 2. Multiple ChoiceOpportunity Cost is best defined asThe best rejected alternative you give up when making a decisionThe price you pay to purchase somethingThe benefit you gain by making a decisionThe amount of debt you take on by making a decision
- 3. Multiple Choice
What is the opportunity cost of increasing production of chicken nuggets from 17 to 41 orders?11 French Fries11 Chicken Nuggets14 French Fries14 Chicken Nuggets - 4. Multiple ChoiceWhich of the following statements is true: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 wantThe economic social goal, economic equity, means everyone gets the same amount of moneyIn a traditional economy, the government gets to decide the answers to the 3 basic economic questions
- 5. Multiple ChoiceWhich of the following would be an example of human capital?The amount of workers who work in a Nike factoryThe skills of the shoe designers at NikePhilip Knight, the CEO of NikeThe land that the Nike headquarters is located on in Beaverton Oregon
- 6. Multiple ChoiceWhat is the benefit of decreasing the amount of chicken nugget orders from 48 to 29?19 Chicken Nuggets12 French Fries19 French Fries27 French Fries
- 7. Multiple ChoiceWhich of the following is true?Opportunity cost only applies to people, not governments or businessIn terms of economic social goals, economic innovation means a commitment to investing in new technology and growthIn the analogy of Guns and Butter, guns refers to consumer goodsIn a command economy, who consumes the goods is determined by who can pay for them
- 8. Multiple ChoiceOnly the government decides what goods and services will be produced in a market economy.TrueFalse
- 9. Multiple ChoiceThe four types of economic systems are:Traditional, Command, Mixed, & MarketTraditional, Command, Combined, & MarketCommunism, Capitalism, Free Market, and MacroeconomicsMicroeconomics, Macroeconomics, Individual, and Traditional.
- 10. Multiple ChoiceWhich of the following is a need?clothescarjobsmart phone
- 11. Multiple ChoiceHow do you satisfy your unlimited wants in a world of limited resources?by making more moneyby making choicesby stealingby setting a budget
- 12. Multiple ChoiceIs this shelter a want or a need?WantNeed
- 13. Multiple ChoiceWhich of the following is NOT one of the three basic questions of economics when looking at economic systems?What goods should be produced ?What is the price of the goods?How should the goods be produced?Who gets to consume the goods?
- 14. Multiple ChoiceType of economy that is based on trading and bartering?SocialistTraditionalFree EnterpriseCommand
- 15. Multiple ChoiceTony Romo, quarterback for the Dallas Cowboys NFL team, would be considered which one of the 4 economic resources?LandLaborCapitalEntrepreneurship
- 16. Multiple ChoiceManufactured goods used to produce a finished product are called?CapitalLaborLandEnterprise
- 17. Multiple ChoiceThe study of economics is important because it enables us to:describe our standard of livingincrease our consumption of consumer goodsmake better decisonsto determine what goods ought to be produced
- 18. Multiple ChoiceA popular model used to illustrate the concept of opportunity costs isentrpreneurshipthe paradox valuethe factors of productionthe production possibilities frontier
- 19. Multiple ChoiceWhat determines a country's wealth?natural resourcesall its tangible and intangible resourcesits total of all tangible productsthe amount of its goods and services
- 20. Multiple ChoiceWhen people wait in line on Black Friday to get a 70" TV, this is an example ofscarcityconsumerismproduct marketingconsumer responsibility
- 21. Multiple ChoiceA diamond is worth more than water. This illustrates what concept of economics?consumerismparadox of valuespecializationhuman capital
- 22. Multiple ChoiceReliance on others to produce goods and services isconsumerismscarcityeconomic interdependencewealth
- 23. Multiple ChoiceChoosing to make cars instead of trucks results inopportunity costincreased wealthexpanding the production possibilities curveTINSTAAFL rating upgrade
- 24. Multiple ChoiceEach worker learns one task very welldivision of laborhuman capitallabor costspecialization
- 25. Multiple ChoiceWhat is the fundamental problem of every society?labor costsscarcityeconomic interdependencemarket fluctuation
- 26. Multiple ChoiceDeciding whether or not a purchase is worth the cost could best be done with aproduction possibilities curvefactor market evaluationonline searchcost-benefit analysis
- 27. Multiple ChoiceUsing resources more efficiently increasesproductivitycapitalincomeinvestment
- 28. Multiple ChoiceFood is an example of adurable goodnon-durable goodwantresource
- 29. Multiple ChoiceA nation whose total output increases is experiencingdecreased GDPexpansion of the possibilities curvemore consumerismeconomic growth
- 30. Multiple ChoiceWhat word is most associated with wealth?GDPbusinessservicestangible
- 31. Multiple ChoiceA person's quality of life is most determined bymarriagefoodstandard of livinglove
- 32. Multiple ChoiceWhat is scarcity?Having too many resourcesNot having enough resources
- 33. Multiple ChoiceWhat is the opportunity cost of moving from A to D?6 Pounds of Butter5 Pounds of Butter11 Guns12 Guns
- Answer choicesTagsAnswer choicesTags