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Economics JA Textbook Chapter 1 Review Flashcards | StudBud
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Economics JA Textbook Chapter 1 Review
Economics JA Textbook Chapter 1 Review
13 terms
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A review of the first chapter of the Junior Achievement Economics Textbook
Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
What is the Dow Jones Industrial Average?
A single company that sells shares on the NY Stock Exchange
A company that sells stocks to long-term investors
A brokerage firm that only operates during a bear market
30 Blue Chip stocks used to gauge how the economy is doing
2
The study of how many people in Everett High School who drink coca-cola is an example of _____.
Microeconomics
Macroeconomics
3
The study of economics is basically the study of ______?
Money
Scarcity
Choice
Incentives
4
Opportunity Cost can best be described as _____________.
How many different options you have when you make a choice.
The option that you choose when you make a decision.
The amount of time it takes you to make a choice.
What you give up to make the best choice.
5
What term best describes how resources are always limited?
Opportunity Cost
Incentives
Scarcity
Predictable Choices
6
Buildings, tools, and machines are examples of what factor of production?
Capital
Entrepreneurship
Land
Labor
7
What is not one of the three economic questions that all societies have to answer?
For whom will goods/services be produced?
How should goods/services be produced?
What goods and services should be produced?
What to do with resources that aren't scarce?
8
What is
not
one of the four factors of production?
Land
Labor
Savers
Entrepreneurship
9
Labor includes all types of people except _____.
Entrepreneurs
Savers
Producers
Consumers
10
Your parents offer to pay you $25 for each A on your report card. This is an example of what?
Scarcity
Microeconomics
Macroeconomics
Incentives
11
Which of the following would best be considered a want?
Food
Clothing
Shelter
Pizza
12
Water, iron, and wood are examples of what factor of production?
Capital
Labor
Land
Entrepreneurship
13
In order to control Microsoft what is the minimum percentage of shares you can own?
100%
91%
51%
45%
