Economics Quiz Ultimate Exam!

20 Questions | By Bustead3 | Updated: Mar 22, 2022 | Attempts: 442

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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.

Questions and Answers

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?
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
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
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
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
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
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
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
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
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
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
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
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
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
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
16.

If the price for fusion core increases, the price for power armor also increases.
- A.
  
  True
- B.
  
  False
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
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
19.

If the Legion impose an effective quota on firearms import, the total social surplus will decrease.
- A.
  
  True
- B.
  
  False
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