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Basic Econ Quiz! Flashcards | StudBud
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Basic Econ Quiz!
Basic Econ Quiz!
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1
Microeconomics is concerned with:
The economy as a whole
Interactions within the entire economy
The electronics industry
The study of individual economic activity
2
What is the richest city in Europe?
Berlin
Brussels
London
Paris
3
The opportunity cost of a good is...
The time lost finding it
The loss of interest in using savings
The amount of other goods sacrificed to get a different one
The amount spent to make the good
4
What city has the most powerful economy in the world?
New York
London
Tokyo
Beijing
5
People in this economy tend to live in rural areas and are often hunters and gatherers
Market
Command
Mixed
Traditional
6
What is production?
What people use
What people buy
What people make
What people throw away
7
What country has the highest percentage of its women economically active?
Russia
Barbados
Thailand
Iceland
8
What country gives out the highest amount of economic aid? ($23.5 billion)
USA
France
Britain
Japan
9
Macroeconomics is the study of:
The relationship between different parts of the economy
Individual building blocks in the economy
Household purchase decisions
The economy as a whole
10
What is consumption?
What people make
What people create
What people imagine
What people buy
11
This type of economy is mostly a market economy, but has components of a command economy too
Traditional
Comparative
Random
Mixed
12
This is the most widespread economy in the world where price is determined by supply and demand
Market
Mixed
Command
Traditional
13
What capitalist city has the freest economy?
Singapore
Ireland
New Zealand
Australia
14
Which is not a basic human need?
Nintendo
Air
Food
Water
15
If there is greater demand than supply...
Prices stay the same
Prices fall
Prices rise
Everything is free
16
Which of the following countries is the most economically complex?
Germany
Switzerland
Sweden
Japan
17
Which is the most common type of economy?
Market
Command
Mixed
Traditional
18
What is economics?
All 3
Consumption of resources
Production of resources
Transfer of resources
19
In this type of economy the government owns some or all of the main industries and property
Markey
Traditional
Command
Mixed
20
What is it called when you trade goods for other goods?
Leasing
Buying
Bartering
Losing
21
Getting tougher now...What is the most fundamental problem of economics?
Security
The fact that Turkey buys more goods from foreigners than we
Health
Scarcity
22
What country has the highest level of income equality?
Hungary
Montenegro
Sweden
Norway
