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Econ Quiz Flashcards | StudBud
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Econ Quiz
Econ Quiz
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My dudes, it's time to take a quiz
Flashcards
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Questions
15
Answers
1
One of the 3 economic questions is
Why should goods and services be produced?
When should goods and services be produced?
What goods and services should be produced?
How much should goods and services cost?
2
The main factor of production is
Capital
Labor
Land
All of the above
3
The amount of money a business receives minus the money it spends
capital
elf-interest
self-interest
profit
4
A production possibility curve is a graph that shows
how well the economy is doing
the number of questions in this Kahoot
the amount of resources left
different ways to use an economy's resources
5
An apple store is sold out of the new iPhone. This is an example of
scarcity
a victory for Android
shortage
incentive
6
An economic goal is
security
equity
all of the above
freedom
7
The principle that people have the rights to use their possessions as they wish
contract rights
property rights
copyrights
patents
8
The extra cost to adding one unit of a resource into production is called
marginal benefit
cost/benefit analysis
marginal cost
thinking at the margin
9
What type of economy has the government answer the 3 economic questions?
mixed economy
traditional economy
command economy
free market economy
10
True or false: An entrepreneur is a person who combines resources to make goods and services
None of the above
Tralse
True
False
11
____ Is the act of giving up one benefit in order to gain another
trade-off
scarcity
harambe
opportunity cost
12
The use of resources in a way that maximizes the output of goods and services is
the rice fields
growth
equity
efficiency
13
BONUS: Who is this sexy man?
Keemstar
Shrek
Pink Guy
Hugh Mungus
14
Who answers the 3 economic questions in a free market economy?
Killer Keemstar
None of the above
Government
Buyers and sellers
15
Human made obejcts used to create other goods and services is
Physical Captial
Entrepreneurship
Capital
Human Captial
