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Activity 2 – 3: Key Principles of Economics – (Quiz)

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Activity 2 – 3: Key Principles of Economics – (Quiz)

Justice September 26, 2019

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Question 1 of 15

1. Question
Which of the following is NOT one of the three basic questions of economics when looking at economic systems?
- What goods should be produced ?
- What is the price of the goods?
- How should the goods be produced?
- Who gets to consume the goods?
Correct

Incorrect
Question 2 of 15

2. Question
Soil, minerals, air, water, and coal are all examples of:
- Fossil fuels
- Conservation
- recycling
- natural resources
Correct

Incorrect
Question 3 of 15

3. Question
Johnny has $50 and wants to buy a pair of Nike Shoes that cost $95. He has to settle for a pair of Sketchers for $45. In economic terms Johnny is facing the problem of:
- Shortage
- Scarcity
- Unemployment
- Marginal costs
Correct

Incorrect
Question 4 of 15

4. Question
Antonio has an Economic test tomorrow and knows that if he stays up and studies until 11 p.m. he has a good chance of making an A on the test. However, he is really tired and knows that if he goes to bed at 10:00 p.m. he can easily make a B on the exam. What is Antonio’s opportunity cost if he goes to bed at 11:00 p.m.
- An A on the exam
- Making a B on the exam
- Losing one hour of sleep
- Gaining one hour of sleep
Correct

Incorrect
Question 5 of 15

5. Question
What term describes the tools and technology used to make a product?
- capital goods
- human capital
- exports
- imports
Correct

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Question 6 of 15

6. Question
What is the meaning of Trade-Off?
- Having more than you want, or need.
- When people work in jobs where they produce a few special goods, or services.
- When you get a little less of one thing in order to get a little more of something else.
- Something one person does for someone else.
Correct

Incorrect
Question 7 of 15

7. Question
What does Specialization mean?
- Something one person does for someone else.
- Not being able to have everything that you want because of limited resources.
- Having more than you want, or need.
- When people work in jobs where they produce a few special goods, or services.
Correct

Incorrect
Question 8 of 15

8. Question
An incentive is something that…
- you get from a junkyard
- you need when you open a bank account
- motivates you to do something
- you find on a spaceship
Correct

Incorrect
Question 9 of 15

9. Question
I thought it was a good idea to get a dog. I didn’t know it would drive my neighbors crazy.
- Costs versus Benefits
- Scarcity Forces Tradeoffs
- Incentives Matter
- Future Consequences Count
Correct

Incorrect
Question 10 of 15

10. Question
Should I spend thousands of dollars on college? Would it be worth it?
- Markets Coordinate Trade
- Costs vs Benefits
- Trade Makes People Better Off
- Thinking at the Margin
Correct

Incorrect
Question 11 of 15

11. Question
I want to sell my paintings. Maybe I’ll post them on eBay.
- Costs vs Benefits
- Trade Makes People Better
- Off Future Consequences Count
- Markets Coordinate Trade
Correct

Incorrect
Question 12 of 15

12. Question
I don’t know how to fix my car, but I can pay a mechanic to do it.
- Future Consequences Count
- Incentives Matter
- Markets Coordinate Trade
- Trade Makes People Better Off
Correct

Incorrect
Question 13 of 15

13. Question
I only have 20 dollars. If I spend it on a steak dinner, I can’t buy gas for my car.
- Thinking at the Margin
- Costs vs Benefits
- Scarcity Forces Tradeoffs
- Future Consequences Count
Correct

Incorrect
Question 14 of 15

14. Question
I already ate 5 slices of pizza. Should I eat one more?
- Scarcity Forces Tradeoffs
- Incentives Matter
- Markets Coordinate Trade
- Thinking at the Margin
Correct

Incorrect
Question 15 of 15

15. Question
All that time at the gym is worth it. I’ll look good this summer!
- Scarcity Forces Tradeoffs
- Incentives Matter
- Markets Coordinate Trade
- Thinking at the Margin
Correct

Incorrect

Activity 2 - 3: Key Principles of Economics - (Quiz)

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