If Fidel Castro had remained a lawyer in Havana, what would have been the opportunity cost?

Cuba would never have become communist

What is true about Saddam Hussein?

lied about having WMD so Iran would not invade Iraq

Entrepreneurs are ________.

risk takers, ambitious, combine the factors of production

Steve Jobs developed_______.

Pixar animation, the Macintosh, Next, Iphone

Ulysses S. Grant was ______

president, union war general, won the battle of vicksburg

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economics # 1

33 termsStudBud Administration86 plays

Economics quiz for the basics

Flashcards33 cardsFPractice quizPHost liveL

Questions 33

Answers

1
Water is a want.
false
true
2
What causes Green House gases?
Aerosol cans
Fossil fuels
Freon from air conditioning systems
3
Which example does not match a factor of production?
plumber- labor
computer in shipping and receiving business- capital
oil- land
tractor on farm-labor
4
Goods and Services are ____ because they are made from resources that are ____.
expensive
abundant
common
scarce
5
Who combines all three factors of production?
The President of the United States
The Laborers
The Manager
The Entrepreneur
6
More Physical Capital= More______.
productivity
entrepeneurs
labor
money
7
Cotton is an example of _______.
Capital- factor of production
Land- factor of production
8
Scarcity always exists because our needs and wants are greater than our _____.
demands
factors of production
desires
resources
9
Mary decides to go to the movies with her friends instead of studying for math.
seeing a bad movie
not seeing her parents
studying for math
the opportunity cost is receiving a failing grade in math
10
Water is a need
true
false
11
A shortage can be ______.
forever or infinite in time
temporary or long term
temporary
long term
12
Economics is the study how people seek to satisfy their_____ and _____ by making___.
needs, wants, money
desires, wants, choices
needs, wants, choices
money, wealth, choices
13
Steve Jobs founded _______.
IBM
Apple
Oracle
Microsoft
14
A shortage occurs when producers will not or cannot offer goods or services at the____
factor market
entrepreneur's discretion
location desired
current prices
15
On September 11th, 11 of the 19 hijackers were from_____.
Kuwait
Saudi Arabia
Iraq
Yemen
16
Donald Trump believed the invasion of Iraq was a______.
Disaster for America
Victory for America
17
An example of Human Capital is _____.
medical school
farmer's plow
An xray machine
A refrigerator for a restaraunt
18
An example of land as a factor of production is____.
Song lyrics for a Rock Star
InFocus projector for a teacher
Plastic for a Car Manufacturer
Oil for an Oil Company
19
The opportunity Cost of the war in Iraq was____
Over 4,000 American deaths
A billion dollar surplus in the federal budget
the creation of democracy in the Middle East
Peace among Arab Nations
20
If Fidel Castro had remained a lawyer in Havana, what would have been the opportunity cost?
Cuba's economy would have been dynamic
Cuba would never have become a democracy
Cuba would never have become communist
Cuba would have been a leading producer of steel.
21
What is true about Saddam Hussein?
lied about having WMD so Kuwait would not invade Iraq
lied about having WMD so Iran would not invade Iraq
lied about having WMD so Yemen would not invade Iraq
lied about having WMD so Saudi Arabia would not invade Iraq
22
Entrepreneurs are ________.
ambitious, wealthy
risk takers, ambitious, wealthy
risk takers, ambitious, combine the factors of production
create short term benefits for the economy, ambitious
23
Hillary Clinton voted against the war in Iraq.
true
false
24
An example of Physical Capital is_____.
A plow for a farmer
A doctor's education
Washington D.C and Austin Texas
The large letters at the beginning of a sentence.
25
Steve Jobs developed_______.
Pixar animation, the Macintosh, in focus machine, Iphone
Pixar animation, microsoft software, the Macintosh
Pixar animation, digital surround sound, the blackberry
Pixar animation, the Macintosh, Next, Iphone
26
Saddam Hussein possessed Weapons of Mass Destruction when the US army invaded Iraq in 2003.
False
True
27
What is economics?
The study of money
The study of needs and wants
The study of choices
The study of government and its impact
28
Ulysses S. Grant was ______
president,union war general, won battle of shiloh
vice president, union war general, grdauate of the Citadel
president,confederate general, slave holder
president, union war general, won the battle of vicksburg
29
What were the effects of hurricane Sandy on the eastern coast of The United States?
fuel shortage
cell phone communication was disabled
food shortage
electricity blackouts
30
Oil on the planet earth is ______.
unlimited
limited
31
John Lennon and Paul McCartney _________
formed the Rolling stones
formed THE WHO
formed Led Zeppelin
formed the Beatles
32
An example of Human Capital is_____.
A plow for a farmer
A doctor's education
The large letters at the beginning of a sentence.
Washington D.C and Austin Texas
33
Opportunity Cost is the ______ choice given up.
5th
3rd
4th
2nd

economics # 1 Flashcards | StudBud