Economics Quiz Ultimate Exam!
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Is economics your favorite subject? Do you believe you have learned enough? Would you be willing to take this quiz? Economics can be used in many areas, from college sports to budgeting your income. In this quiz, you will be required to know how to read charts, what goods are in joint supply, what is a free good, what is the inflation rate, what is GDP, and what is monopolistic competition. This quiz will help you test your knowledge and understand more about economics. Remember to take your certificate after the quiz.
- 1.
Let's get started with the basics: What is Economics?
- A.
The way to make lots of money/caps
- B.
Charts and graphs
- C.
The study of how societies and people use scarce resources to satisfy their unlimited wants
- D.
The study of the relationship between money, humans and societies
- E.
[INT 1] Wat's eeeee-coner-mics?
Correct Answer
C. The study of how societies and people use scarce resources to satisfy their unlimited wantsExplanation
Economics is the study of how societies and individuals make choices to allocate scarce resources to fulfill their unlimited wants. It involves analyzing production, distribution, and consumption of goods and services. By understanding the principles of economics, individuals and societies can make informed decisions about resource allocation, trade-offs, and maximizing utility.Rate this question:
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- 2.
You have just destroyed a sentry bot and you can now do one of the following: Option 1: Sell its wreck to a local trader for 50 caps Option 2: Sell its wreck to the rust devils (a raider gang that use robots) for 100 caps Option 3: Sell its wreck to the Brotherhood of Steel for 250 caps What will the opportunity cost be if you sell the wreck to the Brotherhood of Steel?
- A.
50 caps
- B.
100 caps
- C.
150 caps
- D.
250 caps
Correct Answer
B. 100 capsExplanation
Opportunity cost is the highest valued option forgone. In this case it will be option 2. The 100 caps is considered income forgone.Rate this question:
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- 3.
(Continued from question 2) Which of the following will increase the cost of selling the wreck to the BoS?
- A.
The rust devils refuse to buy anything from you since you only have 1 Charisma
- B.
The Brotherhood of Steel is now offering 200 caps instead of 250 caps for the wreck
- C.
The local trader offers 75 caps instead of 50 caps for the wreck
- D.
You can now craft a new sentry bot using the wreck and sell the new robot for 3000 caps
Correct Answer
D. You can now craft a new sentry bot using the wreck and sell the new robot for 3000 capsExplanation
Only the highest valued option forgone is included in the calculation of opportunity cost. In this case, rebuilding the sentry bot is now the highest valued option as it is worth more than simply selling the wreck.Rate this question:
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- 4.
Bottle caps are considered to be money in Fallout games. Which of the following is correct?
- A.
All economies needs money to function
- B.
Caps are considered to be a type of commodity money
- C.
Caps can be used as a unit of account
- D.
Bottle caps are not good money as they are backed by water instead of gold or silver
Correct Answer
C. Caps can be used as a unit of accountExplanation
Barter Economy does not require money to function Caps are not commodity money as they worth little themselves. Instead they are backed by the value of water Bottle caps can be good money as long as it is a generally accepted medium of exchangeRate this question:
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- 5.
The sole survivor broke into a previously unmarked building and recovered a huge stash of caps. Which of the following is false?
- A.
M1 will increase but M2 remains unchanged
- B.
Inflation rate in the Commonwealth increases
- C.
The intrinsic value of caps remains unchanged
- D.
None of the above
Correct Answer
A. M1 will increase but M2 remains unchangedExplanation
M2 includes all everything in M1Rate this question:
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- 6.
Question 4 to 6 refers to the scenario below: The courier retrieved valuable agricultural data from Vault 22 and the NCR was able to use the data to increase food production. Meanwhile, the Second Battle of Hoover Dam raged on and thousands of refugees were evacuated to California to avoid the advancing Legion troops. Which of the following must be true for the food market in California?
- A.
The quantity supplied of food increases
- B.
Supply of food increases
- C.
The equilibrium price of food in California increases
- D.
The quantity transected decreases
Correct Answer
B. Supply of food increasesExplanation
Quantity supplied is only affected by price. This is a case of increase in supply instead
There is no enough to determine the equilibrium price of food. If the increase in demand for food is higher than the increase in supply of food, then the price may fall.
Quantity transected will increase.Rate this question:
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- 7.
To deal with the influx of refugees, the NCR imposed a price ceiling for food. What will most likely happen?
- A.
Black markets that sell food for a lower price will emerge
- B.
More people will get food as the price of food now drops to a record low
- C.
Non-price allocation methods will be replaced by price competition
- D.
Producer surplus will decrease
Correct Answer
D. Producer surplus will decreaseExplanation
Black markets that sell food for a lower price will not emerge. Instead a Black market that sell food for a higher-than-legal price will emergeRate this question:
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- 8.
Which of the following is included as a part of the NCR's GDP?
- A.
President Kimball's salary
- B.
The earnings of a NCR citizen working in the capital wasteland
- C.
The price of second-hand medical equipment sold to the Followers of the Apocalypse operating in NCR territory
- D.
A Brotherhood of Steel paladin buying a laser pistol from a black market based in California
Correct Answer
A. President Kimball's salaryExplanation
President Kimball's salary is included as a part of the NCR's GDP because GDP measures the total value of all goods and services produced within a country's borders during a specific time period. As the president of the NCR, Kimball's salary represents a service provided by the government, which contributes to the overall economic output of the country.Rate this question:
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- 9.
There are a lot of Chem vendors in the Capital Wasteland. Some of them sell high-quality chems with high purity. Others sell chems in a slightly cheaper price. From above, what is the market structure of Chem trade in the Capital Wasteland?
- A.
Perfect competition
- B.
Monopolistic competition
- C.
Oligopoly
- D.
Monopoly
Correct Answer
B. Monopolistic competitionExplanation
The market structure of chem trade in the Capital Wasteland is monopolistic competition. This is because there are multiple chem vendors selling similar but slightly differentiated products (high-quality chems with high purity or slightly cheaper chems). In monopolistic competition, there are many sellers with differentiated products, allowing for some control over pricing and the ability to differentiate their products through branding or product features. However, there is still competition among the sellers due to the availability of substitutes.Rate this question:
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- 10.
If the Nuka-Cola Corporation successfully take over a fast-food restaurant chain, which type of expansion is involved?
- A.
Horizontal expansion
- B.
Lateral expansion
- C.
Vertical expansion
- D.
Conglomerate expansion
Correct Answer
C. Vertical expansionExplanation
Vertical expansion refers to the growth of a company by acquiring or merging with businesses that are part of its supply chain or distribution network. In this case, if the Nuka-Cola Corporation takes over a fast-food restaurant chain, it would involve vertical expansion as they would be expanding their operations in the same industry but at a different stage of the supply chain. This allows them to have more control over production, distribution, and sales, resulting in increased efficiency and profitability.Rate this question:
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- 11.
It is found that the Institute has a higher GDP per capita than Vault 81. What can be deduced from this?
- A.
People living in the Institute must enjoy a higher standard of living relative to inhabitants of vault 81
- B.
There are less people living in the Institute than vault 81
- C.
Goods from the institute are generally more expensive comparing to goods from vault 81
- D.
None of the above
Correct Answer
D. None of the above -
- 12.
Which of the following goods are in joint supply?
- A.
Deathclaw Meat and Deathclaw gauntlets
- B.
Purified water and dirty water
- C.
Carrots and Corn
- D.
Orange Mentats and Grape Mentats
Correct Answer
A. Deathclaw Meat and Deathclaw gauntletsExplanation
Deathclaw Meat and Deathclaw gauntlets are in joint supply because they are both derived from the same source, which is the Deathclaw creature. The meat is obtained by killing the Deathclaw and can be used for consumption, while the gauntlets are made from the Deathclaw's claws and can be used as a weapon or armor. Since both goods come from the same origin and are produced together, they are considered to be in joint supply.Rate this question:
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- 13.
Which of the following is a free good?
- A.
Stimpaks that are crafted by the Followers of the Apocalypse and given out for free
- B.
Sea water
- C.
Nuclear waste that you want to get rid of
- D.
Both A and B
Correct Answer
B. Sea waterExplanation
Free good is not scarce but we prefer to have more than to have less.Rate this question:
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- 14.
Rad-X increases the user's radiation resistance. This is particularly important for people living in the Commonwealth as radiation storms are both frequent and deadly. Trade caravans sometimes travel through the Commonwealth before moving on to other parts of the former United States. Such caravans typically sell Rad-X at Diamond City for 15 caps/dose. However, caravans sometimes sell faulty merchandise. You are a long-standing resident of Diamond City and open up a store to sell Rad-X. Which of the following prices is likely to be the most profitable for you?
- A.
Charge 12 caps for one dose of Rad-X
- B.
Charge 15 caps/dose
- C.
Charge 17 caps/dose
- D.
Let the buyer set the price
Correct Answer
C. Charge 17 caps/doseExplanation
As you are a permanent store you are able to develop a reputation for quality, so will have customers willing to pay a higher price than the less reliable caravans.Rate this question:
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- 15.
Study the following table: Settlers Tools Food production Marginal production 1 1 2 2 2 1 5 3 3 1 9 4 4 1 11 3 Diminishing Marginal returns occur when the _____ settler was assigned to the field
- A.
First
- B.
Second
- C.
Third
- D.
Fourth
Correct Answer
D. FourthExplanation
The table shows the relationship between the number of settlers and the corresponding food production and marginal production. As the number of settlers increases, the food production initially increases, but at a decreasing rate. The marginal production, which represents the additional food production from adding one more settler, decreases from 2 to 3 to 4. This indicates diminishing marginal returns, where the additional output gained from each additional settler decreases. Therefore, the correct answer is "Fourth" settler.Rate this question:
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- 16.
If the price for fusion core increases, the price for power armor also increases.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Fusion cores and power armor are complements. If fusion cores are more expensive, then demand of power armor should fall. Thus price per suit should also fall.Rate this question:
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- 17.
The Shi exports a lot of high-end electrics to the NCR. However, they rarely import anything from the outside world. Thus the Shi has trade deficit.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The Shi has a trade surplus as their net export is positive.Rate this question:
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- 18.
The following table shows the number of man-hours needed for vault 101 and Megaton to produce one 10mm pistol and one Laser rifle: Vault 101 Megaton 10mm pistol 10 man-hours 20 man-hours Laser Rifle 50 man-hours 400 man-hours If Vault 101 starts trading with Megaton, what should they import?
- A.
Nothing. They are more efficient in producing both items so they should make both for themselves
- B.
10mm pistol
- C.
Laser rifle
- D.
They should import both weapons as they can ask for a lower price
Correct Answer
B. 10mm pistolExplanation
Vault 101 should import nothing because they are more efficient in producing both the 10mm pistol and the Laser rifle. They can produce the 10mm pistol in 10 man-hours compared to Megaton's 20 man-hours, indicating that Vault 101 has a comparative advantage in producing the 10mm pistol. Therefore, they should focus on producing the 10mm pistol themselves rather than importing it from Megaton.Rate this question:
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- 19.
If the Legion impose an effective quota on firearms import, the total social surplus will decrease.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
If the Legion imposes an effective quota on firearms import, it means that they will limit the amount of firearms that can be imported into the country. This restriction on imports will reduce the availability of firearms in the market, leading to a decrease in supply. As a result, the equilibrium price of firearms will increase, and the quantity demanded will decrease. This decrease in quantity demanded will lead to a decrease in consumer surplus and producer surplus, resulting in a decrease in total social surplus. Therefore, the statement that the total social surplus will decrease is true.Rate this question:
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- 20.
This diagram represents the food market in the NCR. Which price ceiling is effective?
- A.
P1
- B.
P2
- C.
P3
- D.
The price ceiling should be higher than P3
Correct Answer
A. P1Explanation
Effective price ceilings is below the equilibrium priceRate this question:
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Current Version
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Mar 22, 2023Quiz Edited by
ProProfs Editorial Team -
May 13, 2017Quiz Created by
Bustead3
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