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Alissa Economics Quiz Flashcards | StudBud
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Alissa Economics Quiz
Alissa Economics Quiz
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1
Who is the Father of economics?
Will Smith
Thomas Edison
Adam Smith
John Locke
2
What is an opportunity cost?
Playing the lotto
Saving money to spend it on something you dream of later
Buying something and returning it
The value of something that you gave up to gain something else
3
What is the PPC (Production Possibilities curve)?
A graph used to illustrate the income of people
A graph used to illustrate the impact of scarcity in an economy
A graph used to illustrate the production of plants in a year
A graph used to illustrate the possibilites of jobs in America
4
What is Capitalism?
When a countries trade and industry are controlled by Private individuals
When everyone in the state has a say on what is going to happen
The people in the Capital of florida
When the president controls the countries trade
5
What are the Means of production?
Land, Labor, Capital, Entrepreneurship
Land, Candy, Capital, Entrepreneurship
Land, School, Capital, Entrepreneurship
Land, Gas, Capital, Entrepreneurship
6
What is MicroEconomics
It examins special animals in there habitat
To do economic research while using a microscope
Studies the economy as a whole and the public
It examins specific indivdual element in an economy
7
What is Scarcity?
When there is a money shortage
The circumstance in which Wants are UNLIMITED and resources are LIMITED
When it is hard for an indivdual to find a job
The curcomstance in which wants are LIMITED and resources are UNLIMITED
8
Economics is all about money
False
True
9
What is communism?
Property is owned by the president and is given out
People having the right to vote
America
Property is publicly owned and people work and is paid by their abilities
10
What is Macroeconomics?
studies the economy as a whole business sector and the public (Global)
Study of the Earth
Studies the economy as a personal matter(individual)
Study of the planets
11
What is your marginal benefit?
The resulting satisfaction gained from the marginal cost
the benifits you get when you do something bad for someone
the benifits you get when you do something good for someone
The resulting satisfaction that you lost from the margial cost
12
Whats the economist Toolbox
Shapes and colors
phones, computers, and cameras
Data/Statistics, charts and tables, words, graphs and equations.
wrench, screwdriver, and drill
13
What is socialism?
Means of production and trades should be owned by the community as a whole
To be social with everyone in the country
Socialism is socialism
Means of producion and trades should be controlled by just one indivudual
14
What are the 3 main economic questions? (choose 3 answers)
What will be produced?
For whom will it be produced?
How will it be produced?
Where is it being produced?
15
What is your marginal cost?
The cost of using one or more unit of good or sevice
The cost of how many taxes you pay
The cost of doing a bad service
How much it costs you to buy a house
16
What is Economics?
The study of cars
how individuals and sociey satisfy their wants with limited resources
How people manage their money
how individuals study their jobs and the environment
