Economics Basics

Question 1

choose the best answer: scarcity requires people to

Accepted Answer

make choices

Question 2

because we face scarcity, every choice involves

Accepted Answer

an opportunity cost

Question 3

an autoworker is considered ___ and earns ___

Accepted Answer

labor, wages

Question 4

which is an example of a variable expense?

Accepted Answer

cable bill

Question 5

Economics is the study of

Accepted Answer

the choices we make because of scarcity

Question 6

which of the following is an example of a negative incentive

Accepted Answer

a fine for parking in front of a fire hydrant

Question 7

Which would be an example of a monetary incentive?

Accepted Answer

buy one get one free deal at a store

Question 8

Which is an example of a consumer good?

Accepted Answer

a t-shirt

Question 9

when companies produce more computers than TVS, they are answering the ___ question

Accepted Answer

what to produce

Question 10

lumber is an example of which factor of production

Accepted Answer

land

Question 11

which of the following is an example of non monetary incentive

Accepted Answer

good grades for a parking pass

Question 12

an incentive

Accepted Answer

could be either a reward or a penalty

Question 13

an item must _______ for it to have value

Accepted Answer

have utility

Question 14

Which of the following is NOT one of the major economic questions?

Accepted Answer

When to produce

Question 15

walmart is an example of which economic concept?

Accepted Answer

outsourcing to create lower prices

Question 16

___ means resources are always limited compared to the number and variety of wants people have.

Accepted Answer

Scarcity

Question 17

the next best alternative is called the

Accepted Answer

opportunity cost

Question 18

When China builds a dam using more people than machines, it is answering the ___ question

Accepted Answer

how to produce

Question 19

adam has $30 for 1 event . She wants to shop, then eat, then go to a movie. which is right?

Accepted Answer

by shopping first her opp. cost eating

Question 20

income AFTER deductions is called

Accepted Answer

net income

Question 21

A capital good is one that is

Accepted Answer

used in the manufacturing process of other goods

Question 22

which is an example of a fixed expense?

Accepted Answer

student loan payment

Question 23

Economics: the study of the choices people make to satisfy their unlimited wants in a world of

Accepted Answer

Scarcity

Question 24

which of the following is not a factor of production

Accepted Answer

time

Question 25

A TV, Washing machine, and air conditioner are examples of

Accepted Answer

Capital

Question 26

the purpose of a budget is to

Accepted Answer

develop a plan on how to manage money

Question 27

____ are used to change a persons behavior

Accepted Answer

incentives

Question 28

Bob wants to watch the UofL bball game but he has to work overtime. What's opportunity cost?

Accepted Answer

watching The UofL game

Question 29

anytime you get paid or make a payment (cash, check, card) you should

Accepted Answer

write it in the check register

Question 30

scarcity applies to

Accepted Answer

both money and time

Question 31

which of the following is an example of a want

Accepted Answer

transportation

Question 32

____ is an example of a deduction

Accepted Answer

federal taxes

Question 33

what is the fundamental problem with economics?

Accepted Answer

there is a scarcity of resources

Question 34

the fact that people with higher incomes get to consume more goods addresses the ___ question

Accepted Answer

for whom to produce

Question 35

Elon Musk is an example of

Accepted Answer

entrepreneur

Question 36

The most valued benefit given up when a choice is made is the ______ of the decision

Accepted Answer

Opportunity Cost

Question 37

In order for an opportunity to exist a _____ must occur

Accepted Answer

trade off

Economics Basics

Questions 37

Economics Basics

Questions 37