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Econ Basics Test Review
Econ Basics Test Review
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Economics Basics Review
Flashcards
47 cards
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Practice quiz
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Questions
47
Answers
1
Which need is most necessary to fulfill in the picture?
Food
Human Contact
Shelter
Water
2
Johnny couldn't decide whether to run himself or pass it. What is his O.C.?
Run it himself
Call a timeout
Take a sack
Throw for a first down
3
Which of the following would move the curve inward?
There are a number of minor injuries during the game
Snow in Minnesota causes the game to be cancelled
The game goes into 3 overtimes
The game takes the normal amount of time
4
What is the Opportunity Cost of a decision?
All of the trade offs given up
The #1 trade off given up
What is gotten when a decision is made
Who is impacted by a decision
5
If the Super Bowl goes into overtime, what direction would the curve shift?
It wouldn't
Outward
Not enough information available
Inward
6
People who buy stocks are part of this factor of production...
Natural Resources
Labor
Capital
Entrepreneurship
7
If the Super Bowl decided to ban 60 second commercials, how many 30 second ones could there be?
200 Thirty Second Commercials
100 Thirty Second Commercials
0 Thirty Second Commercials
Not enough information available
8
What factor of production is being harnessed to make electricity in the picture?
Natural Resources
Labor
Capital
Entrepreneurship
9
What trade offs does Bart NOT make in the image?
Rock
Not Playing
Paper
Scissors
10
If a person has a NEED for Food, which of the following wants would satisfy that need?
Cell Phone
Soda
Burger and Fries
Restaurant
11
What type of good is this? (the tv)
Durable Consumer Good
Nondurable Capital Good
Durable Capital Good
Nondurable Consumer Good
12
What need is Johnny Depp trying to satisfy in the picture?
Human Contact
Food
Water
Shelter
13
Bill the Butcher is doing what factor of production?
Natural Resource
Capital
Labor
Entrepreneurship
14
What type of good is this?
Durable Consumer Good
Durable Capital Good
Nondurable Capital Good
Nondurable Consumer Good
15
Spongebob is part of which factor of production?
Capital
Labor
Natural Resources
Entrepreneurship
16
What type of good is this?
Durable Consumer Good
Nondurable Capital Good
Nondurable Consumer Good
Durable Capital Good
17
What type of good is this?
Durable Capital Good
Nondurable Consumer Good
Durable Consumer Good
Nondurable Capital Good
18
What factor of production is being used by Judy Hopps to cook her food?
Entrepreneurship
Natural Resources
Labor
Capital
19
The people that are calling the Krusty Krab to place an order are trying to satisfy what need?
Food
Human Contact
Shelter
Water
20
What is the Opportunity Cost if they go from making 90 Jalapeno Pretzels to making 0?
90 Jalapeno Pretzels
50 Jalapeno Pretzels
0 Cinnamon Sugar Pretzels
180 Cinnamon Sugar Pretzels
21
Homer couldn't decide between the doughnut with Pink or Chocolate frosting. What is his O.C.?
Vanilla Doughnut
No Doughnut
Chocolate Doughnut
Pink Doughnut
22
What is NOT a trade off Neo makes in the image?
Red Pill
Walking Away
Blue Pill
Going to Work
23
Which of the following is IMPOSSIBLE for Auntie Anne's to produce at?
160 Cinnamon Sugar Pretzels an Hour
100 Jalapeno Pretzels an Hour
85 Jalapeno Pretzels an Hour
25 Cinnamon Sugar Pretzels an Hour
24
In this classroom, what is something that is NOT scarce?
Teachers
Students
Desks
Air
25
How many Cinnamon Sugar Pretzels can they make if they make 0 Jalapeno Pretzels?
80 Jalapeno Pretzels
180 Cinnamon Sugar Pretzels
0 Cinnamon Sugar Pretzels
120 Cinnamon Sugar Pretzels
26
Spongebob and Squidward are trying to satisfy someone's need for what in the picture?
Food
Human Contact
Shelter
Water
27
If the NFL produced a Super Bowl with no 30 second commercials and only forty 60 second ones...
It would be trade offs
It would be impossible
It would be inefficient
It would be efficient
28
What Benefit do they get if they go from making 180 Cinnamon Sugar Pretzels to making 0?
0 Cinnamon Sugar Pretzels
90 Jalapeno Pretzels
180 Cinnamon Sugar Pretzels
0 Jalapeno Pretzels
29
President Obama is satisfying what need in the image?
Water
Food
Shelter
Human Contact
30
What factor of production is in the picture?
Capital
Entrepreneurship
Natural Resource
Labor
31
Ed is satisfying what need in the picture?
Food
Shelter
Water
Human Contact
32
What type of good is this?
Nondurable Consumer Good
Durable Consumer Good
Nondurable Capital Good
Durable Capital Good
33
What is the definition of a tradeoff?
What you use to make the decision
What you give up when you make a decision
What you gain when you make a decision
What is made by the decision you make
34
What need is Macklemore satisfying in the picture?
Human Contact
Shelter
Food
Water
35
The objects in the image are which factors of production?
Natural Resources
Capital
Entrepreneurship
Labor
36
If they're producing 60 Cinnamon Sugar , what is be an inefficient number of Jalapeno ones?
20 Jalapeno Pretzels
85 Jalapeno Pretzels
Not enough information available
100 Jalapeno Pretzels
37
Which of the following is the most scarce?
Panda Bears
Water
4 year olds
Seagulls
38
Which of the following is the CHEAPEST way of satisfying the NEED for shelter in the pic?
Buying a house
Going to the mall
Getting Dressed
Running the heat in your car
39
The Joker is faced with the choice of blowing up the hospital or not. What is his O.C.?
Turning himself in
Not blowing up the hospital
Talking it out with Batman
Blowing up the hospital
40
What type of good is this? (the Mtn. Dew Kickstart)
Nondurable Capital Good
Nondurable Consumer Good
Durable Consumer Good
Durable Capital Good
41
What factor of production does Bill satisfy?
Natural Resources
Entrepreneurship
Labor
Capital
42
What is one way that you CANNOT (immediately) satisfy the need for Human Contact?
Call someone on the phone
Write a letter to someone
Eat out at a restaurant
Going for a run with headphones on
43
If a person has a NEED for WATER, which of the following wants will satisfy that need?
Slurpie
Celery
Chocolate Milk
Watermelon
44
What need is Charlie Brown looking to satisfy in the picture?
Food
Water
Human Contact
Shelter
45
What is the O.C. if the Super Bowl goes from producing 200 thirty second commercials to 100?
100 Thirty Second Commercials
78 Sixty Second Commercials
0 Sixty Second Commercials
Not enough information available
46
What is something on the planet that is NOT scarce?
Air
Water
Land
None of the Above
47
What type of good is this? (the coal)
Nondurable Capital Good
Nondurable Consumer Good
Durable Consumer Good
Durable Capital Good
