Econ 601: Microeconomics Theory And Analysis Quiz
- 1.Erika has a two year old child. Her child has had a fever for three days. Erika decides to take her child to the doctor. Going to the doctor is a:
- A.
Need
- B.
Want
- C.
Market
- 2.It is Jay's 15th birthday. Jay is a great baseball player. This year he hopes to get a new bat and glove. The baseball bat and glove are:
- A.
Needs
- B.
Wants
- C.
Economics
- 3.Carla hasn't seen her grandmother in 3 years. She decides to go to Florida to see her. Carla buys round trip airplane tickets. The airplane tickets are a:
- A.
Need
- B.
Want
- C.
Scarcity
- 4.Ms. X is getting married this summer. Because Ms. X is so busy teaching her students, she decides to hire Trina, a wedding planner to help her with planning the wedding. A wedding planner is a:
- A.
Good
- B.
Service
- C.
Economy
- 5.Clarissa dropped her phone in the toilet. She goes to the Verizon store and buys a new blackberry curve. Her new phone is a:
- A.
Good
- B.
Service
- C.
Command
- 6.The 6th graders are going on a field trip to see a broadway play. Ms. Borges bought 120 tickets so everyone can see the play. A broadway play is a:
- A.
Good
- B.
Service
- C.
Money
- 7.Quamell owns a farm. On his farm he grows a lot of different vegetables like corn and celery. Corn and celery are:
- A.
Land resources
- B.
Labor resources
- C.
Capital resources
- 8.Christine owns a dress store in Manhattan. She hires two people to help customers pick out clothes. Her employees are a:
- A.
Land resource
- B.
Labor resource
- C.
Capital resource
- 9.Ms. Henderson is thinking about opening up a bakery. She wants to only sell cupcakes. The ingredients she will always need to have in order to make cupcakes are flour, sugar, eggs, milk, and chocolate. The ingredients she will need to make cupcakes are:
- A.
Land resources
- B.
Labor resources
- C.
Capital resources
- 10.Mr. Black owns a candy store. He sells 10 different kinds of very sugary candy. Last week, the government sent Mr. Black a letter that said he needed to start selling at least 20 different kinds of candy. What kind of economy does the situation describe?
- A.
Market economy
- B.
Command economy
- C.
Economy
- 11.Zara owns a sandwich shop. She sells 5 different types of sandwiches. One day, two of her customers told her they wish she had a roast beef sandwich. Zara decided she would put a roast beef sandwich on her menu. What kind of economy does the situation describe?
- A.
Market economy
- B.
Command economy
- C.
Economy
- 12.If you had to describe economics in one word, what would the best word be?
- A.
Needs
- B.
Money
- C.
Fun
- 13.Scarcity is:
- A.
When there isn't enough resources for everyone to have all that they want
- B.
When the government decides to stop selling wants
- C.
When people stop buying goods and services
- 14.The main different between a need and a want is:
- A.
A want is more important than a need
- B.
A need is something you cannot live without and a want is something you can live without
- C.
People only buy needs
- 15.A good is:
- A.
Something you can physically hold and you own it after you buy it
- B.
Something you pay someone else to do for you or pay to use for a short period of time
- C.
Something that tastes great
- 16.A service is:
- A.
Something you can physically hold and you own it after you buy it
- B.
Something you pay someone else to do for you or pay to use for a short period of time
- C.
Something that is great
- 17.Opportunity cost is:
- A.
How much money you have to pay for something
- B.
How much it cost to do something
- C.
The real cost of purchasing something - it includes the cost of time and any missed opportunities
- 18.Jared wants to get an Xbox Kinect with his birthday money. He also wants to save his money to go to Six Flags this summer. Jared decides to use his money to buy a Kinect. The opportunity cost is:
- A.
Missing his six flags trip
- B.
The money used to buy the kinect
- C.
The kinect
- 19.Economics is:
- A.
The study of how we satisfy our wants and needs with the limited resources available
- B.
How we get our stuff
- C.
The study of maintaining life with the money given to us by the government
Questions: 10 | Attempts: 28074 | Last updated: Jun 24, 2020
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