Introduction To Economics
.
- 1.
Economics is about ___________and how we use limited resources to satisfy unlimited wants.
- A.
Wealth
- B.
Options
- C.
Scarcity
- D.
Costs
Correct Answer
C. Scarcity -
- 2.
Which of the following are examples of competitive wants:
- A.
Cheese vs Cars
- B.
Walmart vs Macy's
- C.
Democrats vs Republicans
- D.
Pepsi vs Coke
Correct Answer
D. Pepsi vs Coke -
- 3.
When the best alternative option is forgone when a choice is made this is called:
- A.
Real Cost or Cost Benefit Analysis
- B.
Life Choices or Economic Cost
- C.
Opportunity Cost or Economic Cost
- D.
All of the above options
Correct Answer
C. Opportunity Cost or Economic Cost -
- 4.
What is the 2nd question that is part of the Economic Problem?
- A.
What should be produced?
- B.
Who should the product/service be produced for?
- C.
What price should we charge for the product?
- D.
How the product/service should be produced?
Correct Answer
D. How the product/service should be produced? -
- 5.
What are the four factors of production?
- A.
Land, Labor, Capital and Management
- B.
Land, Natural Resources, Capital and Entreprenuership
- C.
Land, Capital, Money and Management
- D.
Land, Labor, Capital and Enterprises.
Correct Answer
A. Land, Labor, Capital and Management -
- 6.
Which of the following would be classified as "land" by an economist:
- A.
A piece of machinery that is used on land
- B.
Any building built on land.
- C.
Oil or Natural Gas
- D.
Any man made resource.
Correct Answer
C. Oil or Natural Gas -
- 7.
Which of the following is an example of "physical" capital?
- A.
Railways
- B.
Machinery
- C.
Airports
- D.
All of the above
Correct Answer
B. Machinery -
- 8.
Railways, Ports and other forms of infrastructure would be classified as:
- A.
Physical Capital
- B.
Monetary Capital
- C.
Human Capital
- D.
Social Overhead Capital
Correct Answer
D. Social Overhead Capital -
- 9.
Which of the following can improve "human capital"?
- A.
Investments in Education
- B.
Investments in Training
- C.
Investments in Health Care
- D.
All of the above options.
Correct Answer
D. All of the above options. -
- 10.
With the four factors production another name for management is:
- A.
Business Owners
- B.
Executives like CEOs
- C.
Entrepreneurship
- D.
All of the above.
Correct Answer
C. Entrepreneurship -
- 11.
What is the last question associated with the Economic Problem?
- A.
Who should things be produced for?
- B.
How should things be produced?
- C.
What should be produced?
- D.
When should things be produced?
Correct Answer
A. Who should things be produced for? -
- 12.
Which of the following are recurrent wants?
- A.
Rice & Water
- B.
A luxury home
- C.
A very fast car
- D.
All of the above.
Correct Answer
A. Rice & Water -
- 13.
Which of the following are complimentary wants:
- A.
Butter & Margarine
- B.
Ovens and Kitchens
- C.
Google Search & Bing Search
- D.
Airports & Bus Stations
Correct Answer
B. Ovens and Kitchens -
- 14.
Video: Economics is about the study of people and ________
- A.
Options
- B.
Choices
- C.
Opportunities
- D.
Business
Correct Answer
B. Choices -
- 15.
Video: One very famous economist that defined economics was:
- A.
Alfred Marson
- B.
Alfred Marshall
- C.
Alfred Marsion
- D.
Alfred Manson
Correct Answer
B. Alfred Marshall -
- 16.
According to Alfred Marshall economics is: Economics is the study of man in the ordinary business of life. It enquires how he gets his (i)_______ and uses it. Thus on one side it is the study of (ii) ________________ and on the other side the study of man.
- A.
(i) money (ii) wealth
- B.
(i) income (ii) wealth
- C.
(i) Income (ii) money
- D.
(ii) money (ii) Income
Correct Answer
B. (i) income (ii) wealth -
- 17.
Which of the following would be covered in the study of economics?
- A.
An 18 year deciding to go to college or start work straight away, a decision impacting their future income.
- B.
A company deciding on what to produce for consumers.
- C.
The government deciding to increase spending on roads.
- D.
All of the above options.
Correct Answer
D. All of the above options. -
- 18.
Video: Opportunity cost can also be defined as:
- A.
Whatever you give up to do something.
- B.
Whether you study or don't study
- C.
Whether you go to college or star working.
- D.
All of the above options.
Correct Answer
A. Whatever you give up to do something. -
- 19.
Video: Scarcity can be defined as:
- A.
The tension between limited resources and limited monetary ability
- B.
The conflict between resource ownership and resource utilization
- C.
The tension between infinite wants and finite resources.
- D.
All of the above.
Correct Answer
C. The tension between infinite wants and finite resources. -
- 20.
Every year in the United States about 30,000 die from:
- A.
Curable diseases
- B.
Car accidents
- C.
Smoking
- D.
None of the above.
Correct Answer
B. Car accidents -
- 21.
Video: Military spending in the United States is about ___________ every year
- A.
US 500 billion
- B.
US 1000 billion
- C.
US 60 billion
- D.
US 600 billion
Correct Answer
D. US 600 billion -
- 22.
Video: The US spends more money on the military than the next top ____ countries combined.
- A.
Five
- B.
Ten
- C.
Three
- D.
Seven
Correct Answer
B. Ten -
- 23.
Video: Which US President said the following: Every gun that is made, every warship launched, every rocket fired, signifies a theft from those who hunger and are not fed, who are cold and are not clothed".
- A.
John F Kennedy
- B.
Dwight Eisenhower
- C.
Obama
- D.
George Washington
Correct Answer
B. Dwight Eisenhower -
- 24.
Video: In the US a pro business capitalist could be branded (or stereotyped) as:
- A.
A Conservative or a Republican party supporter
- B.
A Keynesian Economist
- C.
A Democrat & a free market economist
- D.
A Liberal or a Republican party supporter.
Correct Answer
A. A Conservative or a Republican party supporter -
- 25.
Video: In the United States an environmentalist might be branded as an anti-business __________ who would most likely vote for the Democrats (stereotype)
- A.
Conservative
- B.
Right winger
- C.
Liberal
- D.
Economists
Correct Answer
C. Liberal -
- 26.
Video: How would an economist define "incentives"?
- A.
A set of eternal (rather than intrinsic) motivators that explain people's choices
- B.
A set of internal (rather than extrinsic) motivators that explain people's choices.
- C.
A set of motivators both internal and external.
- D.
A set of incentives that are with monetary payments.
Correct Answer
A. A set of eternal (rather than intrinsic) motivators that explain people's choices -
- 27.
Video: In the United States, state universities (previously) received funding based on the number of students they enrolled, but now funding is more likely to be based on factors like the number of students who:
- A.
Complete their first year
- B.
Graduate from their course
- C.
Require funding based on family income.
- D.
None of the above.
Correct Answer
B. Graduate from their course -
- 28.
Video: The US spends more money per capita on health care than most other rich countries, but the US gets _________ health outcomes.
- A.
Better
- B.
Very high
- C.
Superior
- D.
Worse
Correct Answer
D. Worse -
- 29.
In what year did the US experience the Global Financial Crisis (GFC)?
- A.
2010
- B.
2008
- C.
2011
- D.
2007
Correct Answer
B. 2008 -
- 30.
Video: What is macroeconomics?
- A.
Study of the economy as a whole
- B.
Its includes the study of economic growth, inflation, unemployment and interest rates.
- C.
Government Spending
- D.
All of the above.
Correct Answer
D. All of the above. -
- 31.
Video: A possible question in macroeconomics could be: Will an increase in the money supply, boost output or just increase __________
- A.
Inflation
- B.
Economic growth
- C.
Interest rates
- D.
Deflation
Correct Answer
A. Inflation -
- 32.
Video: Which of the following is/are possible questions in microeconomics?
- A.
How many workers should we hire to maximize profit?
- B.
When is the best time to release our product?
- C.
Would a gas tax help prevent climate change?
- D.
All of the above options?
Correct Answer
D. All of the above options? -
- 33.
In the United States the Central Bank is called:
- A.
The Reserve Bank
- B.
The Federal Reserve
- C.
Bank of America
- D.
None of the above.
Correct Answer
B. The Federal Reserve -
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Mar 15, 2022Quiz Edited by
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Aug 17, 2017Quiz Created by
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