Economics Vocabulary Terms Quiz! Trivia

23 Questions | Total Attempts: 11

SettingsSettingsSettings
Please wait...
Economics Vocabulary Terms Quiz! Trivia


Questions and Answers
  • 1. 
    Scarity
    • A. 

      A situation in which unlimited wants exceed the limited resources available to fulfill those wants.

    • B. 

      A curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.

    • C. 

      The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity.

    • D. 

      The act of buying and selling

  • 2. 
    PPF
    • A. 

      A situation in which unlimited wants exceed the limited resources available to fulfill those wants.

    • B. 

      A curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.

    • C. 

      The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity.

    • D. 

      The act of buying and selling

  • 3. 
    Opp Cost
    • A. 

      A situation in which unlimited wants exceed the limited resources available to fulfill those wants.

    • B. 

      A curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.

    • C. 

      The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity.

    • D. 

      The act of buying and selling

  • 4. 
    Trade
    • A. 

      A situation in which unlimited wants exceed the limited resources available to fulfill those wants.

    • B. 

      A curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.

    • C. 

      The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity.

    • D. 

      The act of buying and selling

  • 5. 
    Law of Increase opp cost
    • A. 

      Never straight

    • B. 

      Always Straight

  • 6. 
    What does PFF mean
    • A. 

      Production possibilities frontier

    • B. 

      Producing Product Finally

  • 7. 
    Economic Growth
    • A. 

      The ability of the economy to increase the production of goods and services. The ability of the economy to increase the production of goods and services.

    • B. 

      The ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources.

    • C. 

      The ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors.

  • 8. 
      Comparative Value
    • A. 

      The ability of the economy to increase the production of goods and services. The ability of the economy to increase the production of goods and services.

    • B. 

      The ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources.

    • C. 

      The ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors.

  • 9. 
    Absoulte Value
    • A. 

      The ability of the economy to increase the production of goods and services. The ability of the economy to increase the production of goods and services.

    • B. 

      The ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources.

    • C. 

      The ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors.

  • 10. 
    Product Market
    • A. 

      Markets for goods—such as computers—and services—such as medical treatment.

    • B. 

      Markets for the factors of production, such as labor, capital, natural resources, and

    • C. 

      The inputs used to make goods and services.

    • D. 

      A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.

    • E. 

      A market with few government restrictions on how a good or service can be produced or sold or on how a factor of production can be employed.

  • 11. 
    Factor Market
    • A. 

      Markets for goods—such as computers—and services—such as medical treatment.

    • B. 

      Markets for the factors of production, such as labor, capital, natural resources, and entrepreneurial ability.

    • C. 

      The inputs used to make goods and services. The inputs used to make goods and services.

    • D. 

      A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.

    • E. 

      A market with few government restrictions on how a good or service can be produced or sold or on how a factor of production can be employed.

  • 12. 
    Buying Shoes
    • A. 

      Goods

    • B. 

      Labor

  • 13. 
    Shoes Maker
    • A. 

      Goods

    • B. 

      Labor

  • 14. 
    Labor
    • A. 

      All types of work, from the part-time labor of teenagers working at McDonald’s to the work of top managers in large corporations.

    • B. 

      Refers to physical capital, such as computers and machine tools, that is used to produce other goods.

    • C. 

      Include land, water, oil, iron ore, and other raw materials (or “gifts of nature”) that are used in producing goods.

    • D. 

      Someone who operates a business. Entrepreneurial ability is the ability to bring together the other factors of production to successfully produce and sell goods and services.

  • 15. 
    Factors of Production
    • A. 

      Goods

    • B. 

      Labor

    • C. 

      The inputs used to make goods and services.

    • D. 

      A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.

    • E. 

      A market with few government restrictions on how a good or service can be produced or sold or on how a factor of production can be employed.

  • 16. 
    Capital
    • A. 

      All types of work, from the part-time labor of teenagers working at McDonald’s to the work of top managers in large corporations.

    • B. 

      Refers to physical capital, such as computers and machine tools, that is used to produce other goods.

    • C. 

      Include land, water, oil, iron ore, and other raw materials (or “gifts of nature”) that are used in producing goods.

    • D. 

      Someone who operates a business. Entrepreneurial ability is the ability to bring together the other factors of production to successfully produce and sell goods and services.

  • 17. 
    Natural Resorce
    • A. 

      All types of work, from the part-time labor of teenagers working at McDonald’s to the work of top managers in large corporations.

    • B. 

      Refers to physical capital, such as computers and machine tools, that is used to produce other goods.

    • C. 

      Include land, water, oil, iron ore, and other raw materials (or “gifts of nature”) that are used in producing goods.

    • D. 

      Someone who operates a business. Entrepreneurial ability is the ability to bring together the other factors of production to successfully produce and sell goods and services.

  • 18. 
    Enternerial
    • A. 

      All types of work, from the part-time labor of teenagers working at McDonald’s to the work of top managers in large corporations.

    • B. 

      Refers to physical capital, such as computers and machine tools, that is used to produce other goods.

    • C. 

      Include land, water, oil, iron ore, and other raw materials (or “gifts of nature”) that are used in producing goods.

    • D. 

      Someone who operates a business. Entrepreneurial ability is the ability to bring together the other factors of production to successfully produce and sell goods and services.

  • 19. 
    Market
    • A. 

      Goods

    • B. 

      Labor

    • C. 

      The inputs used to make goods and services.

    • D. 

      A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade. A market with few government restrictions on how a good or service can be produced or sold or on how a factor of production can be employed.

  • 20. 
    Circular-flow diagram 
    • A. 

      A model that illustrates how participants in markets are linked. A model that illustrates how participants in markets are linked.

    • B. 

      Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services. Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services.

    • C. 

      The rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.

  • 21. 
    Enternership
    • A. 

      A model that illustrates how participants in markets are linked. A model that illustrates how participants in markets are linked.

    • B. 

      Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services. Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services.

    • C. 

      The rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.

  • 22. 
    Property Rights
    • A. 

      A model that illustrates how participants in markets are linked. A model that illustrates how participants in markets are linked.

    • B. 

      Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services. Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services.

    • C. 

      The rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.

  • 23. 
    If property rights are not well enforced:
    • A. 

      Fewer goods and services will be produced. This reduces economic efficiency, leaving the economy inside its production possibilities frontier.

    • B. 

      goods and services will be produced. This reduces economic efficiency, leaving the economy inside its production possibilities frontier.