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Economics Test 1 Review
Economics Test 1 Review
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Econ Test 1
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
A subsidy is most like what?
an extra cost for alcohol
Govt food stamps
a payment to employees from business owners
a fee to use a public road
2
A demand curve always goes down because the lower the price the higher the demand.
True
False
3
The 2018 Superbowl will be played where?
Pittsburg
Los Angeles
Minneapolis
Miami
4
The biggest buffet in Vegas is located in what hotel?
Rio
Mandalay Bay
MGM Grand
Paris
5
What is the atomic number for mercury?
80
21
37
59
6
An externality is a ____________ that someone must bear because of an economic activity.
cost
good
product
result
7
Your "overhead" is also known as
variable costs
factors of production
fixed costs
capital
8
All of the following are examples of negative externality EXCEPT
dead fish due to chemicals in a lake near a factory
dirty air due to traffic
earthquake
crime near a casino
9
The average woman in Sweden has her first child at what age
27
30
22
24
10
How much is a full price adult one day ticket to the San Diego Zoo?
$52
$62
$39
$70
11
Dill Pickle flavor Lays chips can be found in all the following states EXCEPT
Wisconsin
South Carolina
Washington
Utah
12
Which nation's national anthem has 158 different verses?
Peru
Estonia
Greece
Morocco
13
What is the most common cause of death in Afghanistan?
tuberculosis
stroke
Traffic accident
heart disease
14
All of the following are determinants of supply EXCEPT
Producer expectations
# of other producers/providers
income
technology
15
All of the following are examples of instabilities EXCEPT
oil spill
war in a certain area of the world
natural disaster
drought
16
All of the following are slang for heroin EXCEPT
China white
Mexican mud
Snowball
Play-dough
17
Demand means one has the desire and _________ to purchase a good or service.
want
ability
motivation
need
18
Amy Adams was raised by her parents to be________.
Mormon
Catholic
Scientology
Atheist
19
The law of diminishing returns says that at some point the cost of making one more unit
will go down
will go up
will stay the same
will stop increasing
20
All of the following are determinants of demand EXCEPT
availability of substitute items
tastes or preferences
# of buyers
government actions
21
All of the following are determinants of supply EXCEPT
availability of substitutes
availability of resources
number of competitors
technology
22
All of the following are factors of production EXCEPT
Entrepreneurs
Land
Variable costs
Capital
23
A production possibility curve demonstrates what economics idea?
underutilization
everything is a tradeoff
shortage
scarcity
24
What nation produces the most butter?
Mexico
India
Pakistan
Norway
25
What is the second largest planet in our solar system?
Uranus
Neptune
Saturn
Jupiter
26
Opportunity cost is what you giving up to do what?
get the other thing you want at any given time
controls shifts in demand
so that you can control variable and fixed costs
make a living wage
27
Scarcity means there is a limited number of
everything
resources
buyers
capital
28
The law of supply says that as price goes up,
supply goes up
supply goes down
demand goes down
demand goes up
29
The world's longest zip line (1.5 miles) is where?
Vietnam
Spain
Bermuda
Puerto Rico
30
How old is Jessica Alba?
35
33
40
28
31
What movie won the Oscar for Best Picture in 2015?
Selma
Birdman
Black Swan
American Sniper
32
Ryan Seacrest has a journalism degree from
New Mexico State
University of Georgia
University of Arkansas
BYU
33
One of Jennifer Aniston's biggest phobias is
loud noises
going underwater
dental work of any kind
small people
34
All of the following would be an example of an operating cost EXCEPT
electricity
hiring more workers
hourly wages
raw materials
35
What is Tiger Woods current ranking in the World Golf Rankings (was #1 for years)?
666
244
419
789
36
What is the 4th tallest mountain in the world?
Kilimanjaro
K2
Lhotse
McKinley
37
Your cost of making one additional unit of a good or product is called your
marginal cost
variable cost
fixed cost
operating cost
38
All of the following are determinants of demand EXCEPT
tastes or preferences
income
availability of substitutes
technology
39
What is the most popular sport in Poland?
Ice hockey
Ice fishing
Soccer
Basketball
40
If demand for an item with a compliment item goes down, demand for the compliment item will
it can go up or down
stay about the same
go up
go down
