What is an externality?

How a company affects people other than buyers and sellers

What is an example of a sunk cost?

Money spent on tickets to a concert you can't go to

What is one problem with a command economy?

Resources owned by the government are wasted

How do firms monopolize markets?

The unfairly driving away competition

What could be an oppotunity cost of going to work?

All of the above could be opportunity costs

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Opportunity Costs

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Economic systems and opportunity costs

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Questions 20

Answers

1
Which economic theory did Adam Smith agree with?
A command economy
All of the above
A market economy
A traditional economy
2
Which country listed below has a more "command" type of an economy?
USA
South Korea
Denmark
Saudi Arabia
3
What is an externality?
Why a company can never raise prices in a bad economy
The idea that communism never works
The idea that pure capitalism is unfair
How a company affects people other than buyers and sellers
4
What is NOT a human resource?
Mental and physical effort used to produce goods
Strawberries
Entrepreneurship
Labor
5
What is THE Economic Problem?
The fact that wants are unlimited
All of the above
The fact that productive resources are limited
Scarcity
6
What process turns transitional economies from command to market economies?
Bartering
Government Regulation
Privitization
Central Planning
7
Which politican below wants a more "command" type of an economy?
Hillary Clinton
Mike O'Malley
Bernie Sanders
Marco Rubio
8
Which of the following economic systems was tried in the Plymouth Colony?
Communal
Capitalism
Transitional
Traditional
9
What is an example of a sunk cost?
Paying more money for a better product
Ten dollars made on a bet
All of the above
Money spent on tickets to a concert you can't go to
10
What is the opportunity costs of making cookies?
Cookies
Kisses
10 cookies
15 kisses
11
What is one problem with a command economy?
Firms will monopolize markets
Some people have few resources to sell
Economic fluctuations
Resources owned by the government are wasted
12
How do firms monopolize markets?
By having an inferior product
The unfairly driving away competition
By advertising their goods
By selling goods in different countries
13
What is the opportunity cost of moving from point A to point B?
10/15 cookies
10 cookies
15/10 kisses
15 kisses
14
Who is Mrs. Pontius's favorite Seattle Mariner?
Shawn O'Malley
Nelson Cruz
Kyle Seager
King Felix
15
What is a capital resouce?
Sunlight and wind power
Resources from the Earth
Human created resources
Labor and Entrepreneurship
16
What could be an oppotunity cost of going to work?
Sleeping
All of the above could be opportunity costs
Being with friends
Studying
17
How can you lessen the opportunity cost if college?
All of the above
Working while attending college
Getting a scholarship
Going to a cheaper college
18
What is NOT an example of a public good?
Starbucks
K-12 education
The police department
National defense
19
What is one problem with a pure market economy?
Externalities
Some people have few resources to sell
All of those are problems
No public goods
20
Which politician listed below wants a more "market" economy?
Hillary Clinton
Mike O'Malley
Bernie Sanders
Marco Rubio

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