Notgrass Economics Unit 1

20 Questions | Total Attempts: 15

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Economics Quizzes & Trivia

Questions and Answers
  • 1. 
    Economics is a Social Science.
    • A. 

      True

    • B. 

      False

  • 2. 
    Economics studies ______________ behavior.
    • A. 

      Business

    • B. 

      Government

    • C. 

      Human

    • D. 

      Social

  • 3. 
    What is the meaning of the Greek word, Oikonomos, from which we get the word Economics?
  • 4. 
    What is the medium of exchange in America?
  • 5. 
    Economics is an exact science.
    • A. 

      True

    • B. 

      False

  • 6. 
    An economy in which the government controls what is produced and how much is produced.
    • A. 

      Barter

    • B. 

      Socialist

    • C. 

      Capitalist

  • 7. 
    An economy that has both market conditions and government involvement is a ___________ economy.
  • 8. 
    Opportunity Cost is ____.
    • A. 

      The amount of money something costs.

    • B. 

      The time spent buying something.

    • C. 

      The cost of not doing or making something else.

  • 9. 
    What is created when people specialize in certain efforts and offer their goods and services to others for a price?
  • 10. 
    A group of workers who organize themselves and negotiate with business owners for higher wages and benefits is called what?
  • 11. 
    What are some ways that war in a country can affect trade? (pick two)
    • A. 

      Laborers have to go fight

    • B. 

      Tariffs are imposed

    • C. 

      Factories are destroyed

    • D. 

      The value of money decreases

  • 12. 
    What is the term for economic effects that are external to the direct production of goods?
  • 13. 
    Microeconomics looks at the big picture of the economy as a whole.
    • A. 

      True

    • B. 

      False

  • 14. 
    Who wrote The Wealth of Nations?
    • A. 

      George Hegel

    • B. 

      Adam Smith

    • C. 

      Karl Marx

    • D. 

      Freidrich Engels

  • 15. 
    Adam Smith believed in what type of economy?
  • 16. 
    Karl Marx wrote a short book on behalf of a labor organization called?
    • A. 

      Laissez Faire

    • B. 

      The Wealth of Nations

    • C. 

      Exploring Economics

    • D. 

      The Communist Manifesto

  • 17. 
    Karl Marx believed in an economy based on Socialism.
    • A. 

      True

    • B. 

      False

  • 18. 
    Name two world leaders who were influenced by The Road to Serfdom by Friedrich Hayek.
    • A. 

      Margaret Thatcher

    • B. 

      Ronald Reagan

    • C. 

      Milton Friedman

    • D. 

      George Bush

  • 19. 
    Who is considered the father of the study of modern macroeconomics?
  • 20. 
    Who popularized the term "conventional wisdom"?
    • A. 

      Ludwig Von Mises

    • B. 

      Milton Friedman

    • C. 

      John Galbraith

    • D. 

      Friedrich Engels