Economics

Question 1

Which of these are physical capital?

Accepted Answer

Factory, Machines

Question 2

Your monthly income is $3800 but you have expenses of of $4100. What would be a smart choice?

Accepted Answer

Cut out $300 of non-essential spending, Work 20 more hours at $15 per hour

Question 3

Which of these is a need?

Accepted Answer

Housing, Food

Question 4

You have $1 to use on soda or chips. You chose soda. The chips were a _________.

Accepted Answer

Trade-off

Question 5

Your salary is $48,000 but your spendable income in $39,000. What accounts for the difference?

Accepted Answer

Income Tax

Question 6

Yana develops an app, starts a business, and hires 3 employees. Yana is a ________.

Accepted Answer

Entrepreneur

Question 7

Student 1: "Lunch is free" Student 2: "Actually your lunch is paid for by __________"

Accepted Answer

Taxes

Question 8

Which is a factor of production?

Accepted Answer

Entrepreneurship, Capital, Natural Resources, Labor

Question 9

Which of these are human capital?

Accepted Answer

A college degree, On the job training

Question 10

At what point is the factory making equal numbers of boats and trucks?

Accepted Answer

B

Question 11

If the factory makes 4,000 boats per year, how many trucks can they make?

Accepted Answer

9,000

Question 12

Which of these are financial capital?

Accepted Answer

A bank loan, Investment

Question 13

When there is not enough of something for everyone to get as much as they want of it for free:

Accepted Answer

Scarcity

Question 14

____ is a plan of expected income and spending used by governments, businesses and individuals.

Accepted Answer

Budget

Question 15

Which of these is a want?

Accepted Answer

$200 Jordans, A mansion

Questions 15