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Think like an economist quiz
_____ is the most basic problem
Which of the following is a need?
Think like an economist quiz
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1
Which of the following is a need?
A phone
Shelter
Water
Money
2
_____ is the most basic problem
Greed
Scarcity
Labor
Capital
3
If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____.
Supply
Scarcity
Desire
Demand
4
Land is a _____ resource
Natural
Renewable
Capital
Nonrenewable
5
_______ is another word for Market Economy.
Capitalism
Socialism
Communism
6
In this type of economy, the individual decides who to sell their products to
Market
Traditional
Command
Mixed
7
FOP stands for factors of ____
Pickles
Production
People
Producing
8
Name a factor of production
Capital resources
Natural resources
Nonrenewable resources
Trick question: They're all factors of production
9
_______ capital is experience that results in knowledge and skills such as a college degree or apprenticeship
I don't know?
Human
Financial
Money
10
What is economics?
Both blue and yellow
Money
Study of how people make decisions based off limited resources.
Study of how people make decisions based off unlimited wants
11
Financial capital is money used to...
Buy capital goods
Sell capital goods
12
I am a farmer in Africa, and have always traded for my goods. I live in a _____ economy
Traditionall
Mixed
Command
Market
13
True or false: shelter is a want
False
True
14
An economy in which production, investment, prices, and incomes are determined centrally by a government
Traditional economy
Mixed economy
Command economy
Market economy
15
When there is very little left of a product or service it is called ________.
Opportunity cost
Scarcity
Trade-offs
16
If you tell me a price on something and I offer you a different price, this is an example of what kind of economy?
Command
Mixed
Traditional
Market
17
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a ____
Command
Traditional
Mixed
Market
18
Capital goods are
Tools
Equipment
Both
19
GDP is the measure of____ goods and services
Some
No
Final
All
20
Who is the driving force in the American economy?
Citizens
Entrepreneurs
People
The government
21
There are four types of economic systems. Most economies are _____.
Market
Traditional
Command
Mixed
22
What is a need?
System of selling and buying goods and services
The thing that you lose when you choose to buy something else
Things we would like to have, but do not need to survive
Things we need to survive
23
What is GDP?
Good domestic product
I have no idea
Good day pal
Gross domestic product
24
Which economic system values freedom, efficiency, and growth?
Market
Mixed
Command
Traditional
25
What is scarcity caused by?
Not having something you want
The government
People
Lack of resources
