Introduction to Economics

1.

Multiple Select

2 mins

5 pts

Which of the following are needs

Dogs

Water

Shelter

Frappucinos

2.

Multiple Choice

2 mins

5 pts

Complete the sentence: Scarcity mean Supply is

Less than Demand

Greater than Demand

Equal to Demand

A warm fuzzy feeling in my tummy

3.

Multiple Choice

2 mins

5 pts

Complete the rule: The scarcer an item is…

The colder the weather

The more Supply there is

The less its value

The greater its value

4.

Multiple Choice

2 mins

5 pts

Opportunity cost is

Every alternative you could ever missed out on

The next best alternative you missed out on

The worst decision you’ve ever made

How much money it takes to purchase a product

5.

Multiple Choice

2 mins

5 pts

The dot at X is best described as:

Efficient

Inefficient

Unfeasible/Impossible

6.

Multiple Choice

2 mins

5 pts

The dot at Y is best described as:

Efficient

Inefficient

Unfeasible/Impossible

7.

Multiple Choice

2 mins

5 pts

The dots at A, B, and C are best described as:

Efficient

Inefficient

Unfeasible/Impossible

8.

Fill in the Blank

2 mins

5 pts

Efficient means making the ______ use of my scarce resources

9.

Multiple Choice

2 mins

5 pts

Calculate the opportunity cost of moving from point A to point C on this table

25 Flower

20 Flowers

3 Pots

1 Pot

10.

Multiple Choice

2 mins

5 pts

Define economics

A social science which studies how humans attempt to satisfy their infinite needs and wants using scarce resources

A biological study of the uninhibited behaviours of humans in satiated states

11.

Multiple Select

2 mins

5 pts

Tick the 2 normative statements only

If inflation increases by 10% in Ireland trade with the UK will fall by 20%

Prices are too high for poor people in Ireland

The number of cars sold in 2022 will be greater than the number of cars sold in 2021

The government isn’t doing enough to combat homelessness in Ireland

12.

Multiple Choice

2 mins

5 pts

In a centrally planned economic system the decision about how scarce resources are allocated is made by…

The Government

The Citizens

Mr. Garry

The tallest person

13.

Multiple Choice

2 mins

5 pts

In a Free Enterprise economic system the decision about how scarce resources are allocated is made by…

The Government

The citizens

Mr. Garry

The shortest person

14.

Multiple Select

2 mins

5 pts

Select the 3 advantages of the Free Enterprise Economic System

Competition between firms decreases prices

Factors of production are rewarded with incomes

Consumers have a large choice of goods and services

Businesses may exploit consumer

There are few decisions to make

15.

Fill in the Blank

2 mins

5 pts

Normative statements are based on ________

16.

Fill in the Blank

2 mins

5 pts

Positive statements are based on _______

17.

Multiple Select

2 mins

5 pts

What is one disadvantage of a centrally planned economic system?

There is too much variety of production

Poor people receive too much money

There is little incentive for innovation or creativity

18.

Multiple Choice

2 mins

5 pts

What is the primary focus of microeconomics?

The study of individual markets and consumer behavior

The analysis of national economies and global trends

The exploration of historical economic systems

The examination of weather patterns and their economic impact

19.

Multiple Choice

2 mins

5 pts

What is the primary focus of macroeconomics?

The study of individual markets and consumer behavior

The analysis of national economies and global trends

The exploration of historical economic systems

The examination of weather patterns and their economic impact

20.

Multiple Choice

2 mins

5 pts

Which of the following best describes a mixed economy?

An economy where all resources are owned by the government

An economy with no government intervention

An economy that combines elements of both government and private

An economy that relies solely on barter trade

21.

Open Ended

5 mins

1 pt

Define economics

Evaluate responses using AI:

OFF

Explore this activity with a free account