Introduction To Economics

1. Video: One very famous economist that defined economics was:

Alfred Marson

Alfred Marshall

Alfred Marsion

Alfred Manson

2. Economics is about ___________and how we use limited resources to satisfy unlimited wants.

Wealth

Options

Scarcity

Costs

3. Which of the following are examples of competitive wants:

Cheese vs Cars

Walmart vs Macy's

Democrats vs Republicans

Pepsi vs Coke

4. Which of the following would be classified as "land" by an economist:

A piece of machinery that is used on land

Any building built on land.

Oil or Natural Gas

Any man made resource.

5. When the best alternative option is forgone when a choice is made this is called:

Real Cost or Cost Benefit Analysis

Life Choices or Economic Cost

Opportunity Cost or Economic Cost

All of the above options

6. What is the 2nd question that is part of the Economic Problem?

What should be produced?

Who should the product/service be produced for?

What price should we charge for the product?

How the product/service should be produced?

7. Which of the following are recurrent wants?

Rice & Water

A luxury home

A very fast car

All of the above.

8. Which of the following can improve "human capital"?

Investments in Education

Investments in Training

Investments in Health Care

All of the above options.

9. What is the last question associated with the Economic Problem?

Who should things be produced for?

How should things be produced?

What should be produced?

When should things be produced?

10. Which of the following would be covered in the study of economics?

An 18 year deciding to go to college or start work straight away, a decision impacting their future income.

A company deciding on what to produce for consumers.

The government deciding to increase spending on roads.

All of the above options.

11. Video: Economics is about the study of people and ________

Options

Choices

Opportunities

Business

12. With the four factors production another name for management is:

Business Owners

Executives like CEOs

Entrepreneurship

All of the above.

13. Which of the following are complimentary wants:

Butter & Margarine

Ovens and Kitchens

Google Search & Bing Search

Airports & Bus Stations

14. In what year did the US experience the Global Financial Crisis (GFC)?

2010

2008

2011

2007

15. Every year in the United States about 30,000 die from:

Curable diseases

Car accidents

Smoking

None of the above.

16. Video: Which of the following is/are possible questions in microeconomics?

How many workers should we hire to maximize profit?

When is the best time to release our product?

Would a gas tax help prevent climate change?

All of the above options?

17. Video: The US spends more money on the military than the next top ____ countries combined.

Five

Ten

Three

Seven

18. Video: What is macroeconomics?

Study of the economy as a whole

Its includes the study of economic growth, inflation, unemployment and interest rates.

Government Spending

All of the above.

19. What are the four factors of production?

Land, Labor, Capital and Management

Land, Natural Resources, Capital and Entreprenuership

Land, Capital, Money and Management

Land, Labor, Capital and Enterprises.

20. 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:

Complete their first year

Graduate from their course

Require funding based on family income.

None of the above.

21. Video: A possible question in macroeconomics could be: Will an increase in the money supply, boost output or just increase __________

Inflation

Economic growth

Interest rates

Deflation

22. 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.

(i) money (ii) wealth

(i) income (ii) wealth

(i) Income (ii) money

(ii) money (ii) Income

23. Video: In the United States an environmentalist might be branded as an anti-business __________ who would most likely vote for the Democrats (stereotype)

Conservative

Right winger

Liberal

Economists

24. In the United States the Central Bank is called:

The Reserve Bank

The Federal Reserve

Bank of America

None of the above.

25. Which of the following is an example of "physical" capital?

Railways

Machinery

Airports

All of the above

26. Video: The US spends more money per capita on health care than most other rich countries, but the US gets _________ health outcomes.

Better

Very high

Superior

Worse

27. 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".

John F Kennedy

Dwight Eisenhower

Obama

George Washington

28. Video: Opportunity cost can also be defined as:

Whatever you give up to do something.

Whether you study or don't study

Whether you go to college or star working.

All of the above options.

29. Video: Scarcity can be defined as:

The tension between limited resources and limited monetary ability

The conflict between resource ownership and resource utilization

The tension between infinite wants and finite resources.

All of the above.

30. Video: Military spending in the United States is about ___________ every year

US 500 billion

US 1000 billion

US 60 billion

US 600 billion

31. Railways, Ports and other forms of infrastructure would be classified as:

Physical Capital

Monetary Capital

Human Capital

Social Overhead Capital

32. Video: How would an economist define "incentives"?

A set of eternal (rather than intrinsic) motivators that explain people's choices

A set of internal (rather than extrinsic) motivators that explain people's choices.

A set of motivators both internal and external.

A set of incentives that are with monetary payments.

33. Video: In the US a pro business capitalist could be branded (or stereotyped) as:

A Conservative or a Republican party supporter

A Keynesian Economist

A Democrat & a free market economist

A Liberal or a Republican party supporter.