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Economics
Economics
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Questions
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Answers
1
Does this graph show supply or demand?
Supply
Both
Demand
Neither
2
Who is a better friend... Ron or Hermione?
Ron
Hermione
3
Karl Marx was born in...
Germany
Russia
England
Scotland
4
What is not an economic question?
How will it be produced?
Who is this item for?
Why should you buy this item?
What should we produce?
5
Hamilton tickets are in ...
High Demand
Low Demand
HIGHHHHH DEMANDDD!!
6
Who was inspired by Adam Smith's work?
President Trump
The Founding Fathers
Ms. Bongiovanni
President Obama
7
The father of communism is...
Adam Smith
Karl Marx
Mr. Fabbo
8
What is the perfect price to charge for a piece of pizza?
$2
$8
$3
$10
9
What happens when supply decreases and demand increases.
Shortage
Surplus
MAGIC
Equilibrium
10
What is another way to say equilibrium?
The market is adequately supplied
The market is dead
The market is perfect
The market has cleared
11
What theme ties Adam Smith's two major works together?
Individual Liberty
Social Responsibility
Division of Labor
Supply and Demand
12
The government owns property
Planned
Market
13
What does not have to do with economics?
Trading baseball cards
Longitude/Latitude
Taxes
Businesses
14
The
cost
of making one more of the
product
.
Opportunity Cost
Opportunity Benefit
Marginal Benefit
Marginal Cost
15
What statement is true about scarcity?
Limited resources to meet unlimited wants!
Unlimited resources to meet limited needs.
16
The Father of Capitalism is...
Karl Marx
Adam Smith
17
What word does not belong?
Maker
Consumer
Manufacturer
Producer
18
Would you rather have $10 now or $15 a week from now? Why?
Money, money, money $$$
$15 later.
$10 now!
19
How does Harry manage to breathe underwater during the second task of the Triwizard Tournament?
He doesn't. He fails that task.
Her performs a bubble-head charm
He transfigures into a shark.
Gillyweed
20
When Ms. Mach makes and sells cookies she is a...
Producer
Consumer
21
The price of something will go up if...
The demand is low.
Demand is steady.
If supply is high.
The demand is high.
22
The price will go down if...
The demand goes down
If the demand is high
23
Adam Smith was a
Alcoholic
Hypchondriac
Cool guy
24
Products or things you can see, touch and use are...
Goods
Services
25
When Ms. B watches Harry Potter she is a ...
Producer
Wizard
Consumer
Cool person
26
What happens when supply increases, and demand decreases?
Shortage
THE MARKET HAS CLEARED :)
You don't wanna know...
Surplus
27
What drink does Harry Potter often drink?
Butterbeer
Buttersoda
Butterscotch
Cream Soda
28
A baker is a ...
Consumer
Producer
29
You go out for burgers. You eat one. What is NOT the marginal cost of having one more burger?
Unhealthiness
The enjoyment of the burger
Money
Calories
30
Draco Malfoy belongs to what house?
Ravenclaw
Gryffindor
Slytherin
Indigo Team
31
In a communist classroom everyone would have
Different grades
The same grade...eventually an F
An A
The same grade
32
What is not a good?
Money
Pizza
Harry Potter book
T.V
33
Consumers are...
Wizards
EVILLLLLLL
People who buy and use products.
People who make products
34
What is not a Factor of Production?
Land
Labor
Demand
Capital
35
The amount of product that a producer is willing and able to sell at a specific price.
Product
Capital
Supply
Demand
36
Economics is the study of how people produce and buy things.
True
False
37
Who wrote the Wealth of Nations?
Adam Smith
Ms. B
Karl Marx
J.K Rowling
38
A factory is a ...
Consumer
Producer
39
What baseball team does Aaron Judge play for?
Mets
Yankees
Cardinals
Red Soxs
40
A service is when someone does something for someone else for
Respect
Candy
Love
Money
41
What is NOT a marginal cost of having another Unicorn Frappuccino?
Extra calories
Satisfaction of the drink
"a half-life- a cursed life"
Potential stomach ache
42
Opportunity cost is Is what a person sacrifices when they choose one option over another
False
True
43
A household is a ...
Producer
Consumer
44
What is not an example of natural resources?
An ax
Oil
Cattle
Trees
45
What word best fits with capital?
Money
Land
Humans
Natural Resources
46
What word goes with labor?
Capital
Natural Resources
Money
Human resources
47
The government decides what should be produced
Market
Planned
48
What is not an example of a service?
Teacher
Gardener
Student
Doctor
49
When Ms. B goes shopping she is a ...
Consumer
Producer
50
What is the heart and soul of economics?
Producers and Consumers
Ms. B and Social Studies
Supply and Demand
Goods and Services
51
Who are the Yankees playing tonight?
Blue Jays
Mets
Red Soxs
Cardinals
52
The resources we use to make the products we want is...
Supply and Demand
Factors of Production
The 4 Economic Questions
Factors of Economics
53
People or businesses that make and sell products are
Consumers
Producers
54
TRUE or FALSE: Competition is a good thing
True
False
