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Basic Economics
Basic Economics
32 terms
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StudBud Administration
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A #economics Quiz to review the #basics
Flashcards
32 cards
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Questions
32
Answers
1
When someone is really good at one job they ________ at that job?
fail
none of the above
stink
specialize
2
I have to make a choice of how to spend my money, The thing I do not pick is called the
Scarcity
Demand
Opportunity Cost
Land
3
If Supply goes down, what will happen to the prices?
Decrease
Remain the same
Increase
4
When someone does NOT have a job, they are_______
laissez faire
Unemployed
Gross Domestic Product (GDP)
Employed
5
The knowledge and skills people use to produce a good or service
land
labor
human capital
physical capital
6
Why can't a business make prices really high for their items?
incentive
socialism
competition
self-regulation
7
Limited Government =
Government does not exist
Government regulates the economy
Government controls nothing
Government controls the economy
8
Gold has a higher monetary value than water because:
Water has little utility
Gold is a necessity
Gold is scarce
Water has limited value
9
Do all economic systems rely on money?
Yes
No
10
An example of a land (natural resource) is
oil well drilling rig
roughnecks working the Eagle Ford shale
oil
knowledge of petroleum markets
11
The US economy is
Manorialist
Communist
Traditional
Capitalist
12
If you worked at a car factory you would be a
consumer
producer
13
Why do you work?
I'm forced too
Patriotism
To improve the government
To make a profit
14
What is the most common economic system?
Traditional
Command
Mixed
Market
15
If Demand goes up, what will happen to the price?
Remains the Same
Increases
Decreases
16
When Supply goes up what happens to price?
Increases
Decreases
Stays the same
17
Resources are limited but wants are unlimited =
Demand
Opportunity Cost
Scarcity
Supply
18
Economists study trade offs, every trade off is a(n):
Demand
Factor of Production
Scarcity
Opportunity Cost
19
Free enterprise involves no government regulation
False
True
20
Natural Resources
Labor
Capital
Entrepreneur
Land
21
The tools (tools, money, buildings) that people use to produce goods and services
human capital
land
physical capital
labor
22
If Demand goes down, what will happen to the price?
Decrease
Increase
Remain the same
23
Consumers willingly trade their money for the goods and services they want or need is known as-
Voluntary Exchange
Extortion
Gross Domestic Product
Competition
24
When you go to buy a car you are a
Producer
Consumer
25
Credit cards are dangerous and carry a lot of risk
True
False
26
Prices in a free market are largely determined by
Scarcity and cost
Supply and Demand
land and labor
27
Legal designation for the ownership of property by non-governmental entities is
Open Opportunity
Private Property
Self - Interest
Competition
28
Which of the following is a benefit of owning a credit card?
You can make unlimited purchases
There are no benefits to owning a credit card
You can buy something and pay for it later
You don't have to pay interest
29
People who start a business
capital
land
entrepreneur
labor
30
What is the purpose of a credit score?
To show how much you spend
It is needed to open up a bank account
To tell a bank or lender your financial risk
none of the above
31
The work that people do
entrepreneur
land
capital
labor
32
Do checks ever expire?
No
Yes
