An Advance Level Test: What's Your Economic IQ?

The study of how people try to satisfy what appears to be seemingly unlimited and competing for wants through the careful use of relatively scarce resources

Employment, gross domestic product, inflation, economic growth, and the distribution of income

Deals with behavior and decision making by small units, such as individuals and firms

A rise in the general level of prices occurs, workers need more money to pay for good clothing and shelter

Giving something up to have something else

Extra cost of producing one additional unit of production

The condition that results from society not having enough resources to produce all the things people would like to have

A rise in the general level of prices occurs, workers need more money to pay for good clothing and shelter

What, where, whom

What, how, whom

How, whom, when

What, why, whom

Land, capital, money, entrepreneurs

Land, capital, labor, entrepreneurs

Capital, money, supply, demand

Labor, capital, supply, demand

Anything from the earth

The space we occupy

Gifts of nature

All of the above

The tools, equipment used in the production of goods

The machinery, and factories used in the production of goods

The tools, and machinery used in the production of goods

A and B

B and C

People with all of the efforts, abilities, and skills

The people who are for hire for work

People with all of the workmanship, skills, and work

The act of performing work at any given time

A risk taker in search of profits who's initial investment must be returned

An investor in search of profits who does something new with existing resources

A investor in search of profits who's initial investment must be returned

A risk taker in search of profits who does something new with existing resources

Land - wages, labor - interest, capital - rent, entrepreneurs - profit

Land - rent, labor - wages, capital - interest, entrepreneurs - profit

Land - profit, labor - rent, capital - wages, entrepreneurs - interest

Land - interest, labor - rent, capital - profit, entrepreneurs - wages

The cost assosiated with any opportunity

Giving the cost in order to have the opportunity

The cost required in order to succeed

Giving something up to have something else

Possible Production Frontier

Production Possibilities Frontier

Probable Projection Frontier

Projected Possibilities Frontier

A Maximum combination of output if all resources are fully employed

A minimum combination of output if all resources are fully employed

A Maximum combination of input if all resources are fully employed

A Minimum combination of input if all resources are fully employed

By having more resources or increased productivity

By having an increase in supply and demand

By having less resources or declined productivity

By having an increase in resources and decrease in productivity

Production at greater than its minimum potential

Production as less than its minimum potential

Production at greater than its maximum potential

Production as less than its maximum potential

A mythical country called omega producing two goods, guns:butter

A mythical country called alpha producing two goods, bread:butter

A mythical country called omega producing two goods, bread:butter

A mythical country called alpha producing two goods, guns:butter

A model which shows the wealth that an economy generates

A model which shows the wealth that the world generates

A model that shows the recirculation of money in an economy

A model that shows the debt that an economy generates

They provide the money necessary for the resources of land, labor, and capital

They provide the procedures that combine the resources of land, labor, and capital into new products

They provide the initiative that combines the resources of land, labor, and capital into new products

They provide the drive necessary for the resources of land, labor, and capital

Traditional, command, market

Command, market, competitive

Traditional, market, competitive

Command, traditional, competitive

Proprietorship, corporation, industrial

Partnership, industrial, commercial

Corporation, proprietorship, commercial

Proprietorship, partnership, corporation

The apparent contradiction between the low value of nonessentials and high value of essentials

An Apparent agreement about the nonessentials being less needed and the essentials being greatly needed

The apparent contradiction between the high value of nonessentials and low value of essentials

Apparent agreement about the nonessentials being greatly needed and the essentials being less needed

Water in great excess being worth less than diamonds in scarce excess being worth more

Water in scarce excess being worth more than diamonds in great excess being worth less

Water in great excess being worth more than diamonds in scarce excess being worth less

Water in scarce excess being worth less than diamonds in great excess being worth more

Economic freedom, voluntary exchange, private property rights, profit motive, and competition

Economic freedom, lack on monopolies, private property rights, profit motive, and competition

Economic freedom, voluntary exchange, prevailence of rights, profit motive, and competition

Economic freedom, voluntary exchange, private property rights, profit margain reduction, and competition

Rule stating that the quantity demanded of a good or service does not vary with its availability

Rule stating that the quantity demanded of a good or service does not vary with its price

Rule stating that the quantity demanded of a good or service varies inversely with its availability

Rule stating that the quantity demanded of a good or service varies inversely with its price

The principle that suppliers will normally offer less for sale at high prices and more at lower prices

The principle that suppliers will normally offer more for sale at high prices and less at lower prices

The increase/decrease in need

The increase/decrease in volume

The increase/decrease in price

The increase/decrease in production