Module 1 - Scarcity and Economic Reasoning

Question 1

Fill-in the Blank

Accepted Answer

Opportunity

Question 2

Defintion: Anyone can compete in a marketplace

Accepted Answer

Open Opportunity

Question 3

Economics studies how people use limited resources to statisfy their _________ wants and needs.

Accepted Answer

unlimited

Question 4

A cow represents which factor of production?

Accepted Answer

Land

Question 5

Economic goal which seeks to get the maximum/optimal value out of all of an economy's resources

Accepted Answer

Economic efficiency

Question 6

The reality of limited resources is known as _____________

Accepted Answer

Scarcity

Question 7

Which of the following best represents human capital?

Accepted Answer

knowledge and skills a worker gains through education

Question 8

Economic system where there are NO private property rights

Accepted Answer

Communism

Question 9

A cook represents which factor of production?

Accepted Answer

Labor

Question 10

A screwdriver represents which factor of production?

Accepted Answer

Capital

Question 11

Definifition: Buyers and sellers willing and freely exchange that leaves them better-off

Accepted Answer

Voluntary Exchange

Question 12

Key incentive that drives individuals and businesses to improve their mateiral well-being

Accepted Answer

Profit Motive

Question 13

The most desirable alternative given up as the result of a decision

Accepted Answer

Opportunity Cost

Question 14

Self-interest (the invisible hand) is the driving force in marketplaces

Accepted Answer

Adam Smith

Question 15

Which of the following is not a factor of production?

Accepted Answer

Water

Question 16

Has a school of economists named after him

Accepted Answer

Keynes

Question 17

This graph is used to illustrate the impact of scarcity on an economy

Accepted Answer

Production Possibilities Curve

Question 18

Economist who wrote the Communist Manifesto

Accepted Answer

Karl Marx

Question 19

Economic system where all three of the big eonomic questions are answered by the government?

Accepted Answer

Command

Question 20

What is the primary role of consumers in a market economy?

Accepted Answer

To purchase goods and services

Question 21

Individual was opposed to Keynes and argued the government should intervene during downturns

Accepted Answer

Hayek

Question 22

Economic system based on custom and beliefs

Accepted Answer

Traditional

Question 23

Most common economic system in the world

Accepted Answer

Mixed

Question 24

To which economic system are property rights essential?

Accepted Answer

Market

Question 25

What is the basic problem of economics?

Accepted Answer

Scarcity

Module 1 - Scarcity and Economic Reasoning

Questions 25

Module 1 - Scarcity and Economic Reasoning

Questions 25