Business, 15.01.2021 19:20 rayvingrant16

HS 101 Intro to Economics Quiz 1. The value of what is given up when you make a purchasing choice is called:

a. Productivity

b. Opportunity cost

c. Capital

d. Factor of production

2. A car is an example of which factor of production for a pizza company that delivers.

a. Land

b. Capital

c. Trade off

d. Work

3. All combinations of goods and services that can be produced in a given time with a fixed amount of resources are called:

a. Factors of production

b. Costs of production

c. Opportunity costs

d. Production possibilities

4. Economics is the study of

a. Economic pricing models

b. Government policies

c. Use of scarce resources

d. Methods of production

5. Microeconomics is the study of

a. Individual decision making

b. How governments distribute tax dollars

c. How the entire society works

d. The distribution of wealth

6. The term PPC refers to what kind of economic model?

a. Bar graph

b. Table

c. Factor of Production

d. Production Possibilities

7. Macroeconomics is the study of what economic theory

a. Small units of society

b. Large units of government and business

c. Large pieces of Law

d. Rules and regulations

8. The term used to describe someone who improves an existing product or business or starts a new one is?

a. Sole proprietor

b. Entrepreneurship

c. Governor

d. CEO

9. Scarcity refers to resources being what?

a. Abundant

b. Limited

c. Shortage

d. Absent

10. Microeconomics is the study of what type of economic theory?

a. Big Business

b. Single family or small businesses

c. Amoebas

d. Money

11. Human Capital refers to what abilities of workers?

a. Training and education

b. Wealth

c. Scarcity

d. Financial status

12. Capital Goods refers to items to used to do what?

a. Enjoy using

b. Create other goods and services

c. Share with friends

d. Sell on line

13. Consumer Goods are items for who?

a. Workers

b. Families

c. Prisoners

d. Military

14. Natural Resources are things from where?

a. Moon

b. Earth

c. Sun

d. Mars

15. Which point on the above PPC is EFFICIENT?

a. Point A c. Point C

b. Point B d. Point D

16. Which point on the above PPC is INEFFICIENT?

a. Point A c. Point C

b. Point B d. Point D

17. Which point on the above PPC is IMPOSSIBLE with the given resources?

a. Point A c. Point C

b. Point B d. Point D

18. Which point on the above PPC shows the economy producing a mix of smart phones and Laptops efficiently?

a. Point A c. Point C

b. Point B d. Point D

19. Which point on the above PPC shows this economy only producing Smart phones?

a. Point A c. Point C

b. Point B d. Point D

20. In order for this economy to go from Point A to point C this economy would have to

a. Engage in international trade

b. Put unemployed workers back to work

c. Use factories that have been unused for years

d. B & C

e. None of the above

Answers: 3

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HS 101 Intro to Economics Quiz 1. The value of what is given up when you make a purchasing choice i...

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