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Economics Quiz
Economics Quiz
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Flashcards
24 cards
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Questions
24
Answers
1
Because we face scarcity, every choice involves:
Opportunity cost
Money
Abundance
Giving up something for nothing
2
Which factor of production deals with human-made tools/buildings used to make goods/services?
Capital
Land
Entrepreneurship
Labor
3
Points outside the Production Possibilities Frontier are:
Efficient
Unattainable
Attainable
4
What is the best definition of Economics?
Study of properly using finances and money
Study of the benefits of trade and how it can help countries
Study of people's choices under conditions of scarcity.
Study of business management
5
Points on the Production Possibility Curve are:
Attainable
Impossible
Inefficient
Unattainable
6
Which of these points represents full efficiency?
A, B, D
A and B
B
A
7
________ choices has/have an opportunity cost.
All
Few
Some
Many
8
A sewing machine used to make jeans is an example of which factor of production?
Entrepreneurship
Land
Capital
Labor
9
What points represent unemployment or a recession?
A
B
D
C
10
Choosing how much to produce is mainly based on:
Maximizing the amount of resources available
Producing as much as possible with all your resources
Consumer demand
11
Which factor of production is money, such as the U.S. Dollar Bill?
Land
Capital
None
Labor
12
How many economic factors of production are there?
6
5
3
4
13
Which of the following is unattainable with current resources?
A
A, B
C, D
D
14
Point E is:
Attainable and inefficient
Attainable and efficient
Unattainable
15
Scarcity is best defined as:
Unlimited resources, and limited wants
Limited resources and wants
Unlimited wants, but only limited resources
Unlimited resources and wants
16
(EXTRA) What was Mr. Abarca's "major" and "minor" in college?
Government (major) and History (minor)
Government (major) and Economics (minor)
Economics (major) and Statistics (minor)
Psychology (major) and Government (minor)
17
If the economy is producing a combination of goods inside its PPC (below the curve), then
This is an example of full employment and resources used.
A significant number of workers have little education
Some resources are being wasted
Workers are on vacation
18
Which of the following points are attainable and inefficient, with resources being wasted?
D, A, B, C
E
C
D, A, B
19
Which points represent full employment?
A, B, D
A
A, B
D
20
Which of the following points are attainable and efficient?
D, A, B, C
E
C
D, A, B
21
Scarcity is a problem in:
Rich Countries Only
All countries and regions
Poor Countries Only
22
Choosing what to produce is determined by:
The Government
Consumer Demand
23
What points are ATTAINABLE?
A, B
A, B, C, D
D
A, B, C
24
How many Basic Economic Questions are there?
4
5
2
3
