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Economics Quiz
Economics Quiz
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Flashcards
24 cards
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Questions
24
Answers
1
How many economic factors of production are there?
6
5
4
3
2
What is the best definition of Economics?
Study of people's choices under conditions of scarcity.
Study of the benefits of trade and how it can help countries
Study of properly using finances and money
Study of business management
3
Which factor of production is money, such as the U.S. Dollar Bill?
Land
Labor
None
Capital
4
Points on the Production Possibility Curve are:
Inefficient
Impossible
Attainable
Unattainable
5
Which of the following is unattainable with current resources?
A, B
A
D
C, D
6
What points represent unemployment or a recession?
A
B
D
C
7
What points are ATTAINABLE?
D
A, B
A, B, C
A, B, C, D
8
Which of these points represents full efficiency?
A, B, D
A
A and B
B
9
Which points represent full employment?
A, B
D
A
A, B, D
10
Because we face scarcity, every choice involves:
Abundance
Opportunity cost
Giving up something for nothing
Money
11
Point E is:
Attainable and efficient
Unattainable
Attainable and inefficient
12
(EXTRA) What was Mr. Abarca's "major" and "minor" in college?
Psychology (major) and Government (minor)
Government (major) and Economics (minor)
Government (major) and History (minor)
Economics (major) and Statistics (minor)
13
How many Basic Economic Questions are there?
5
4
3
2
14
Choosing how much to produce is mainly based on:
Maximizing the amount of resources available
Consumer demand
Producing as much as possible with all your resources
15
Choosing what to produce is determined by:
The Government
Consumer Demand
16
Scarcity is best defined as:
Unlimited resources and wants
Unlimited wants, but only limited resources
Limited resources and wants
Unlimited resources, and limited wants
17
If the economy is producing a combination of goods inside its PPC (below the curve), then
Some resources are being wasted
This is an example of full employment and resources used.
Workers are on vacation
A significant number of workers have little education
18
________ choices has/have an opportunity cost.
Few
Some
Many
All
19
Scarcity is a problem in:
Poor Countries Only
All countries and regions
Rich Countries Only
20
Points outside the Production Possibilities Frontier are:
Attainable
Unattainable
Efficient
21
Which factor of production deals with human-made tools/buildings used to make goods/services?
Land
Capital
Labor
Entrepreneurship
22
A sewing machine used to make jeans is an example of which factor of production?
Capital
Land
Labor
Entrepreneurship
23
Which of the following points are attainable and inefficient, with resources being wasted?
C
E
D, A, B
D, A, B, C
24
Which of the following points are attainable and efficient?
D, A, B, C
C
E
D, A, B
